WM Motor sees Jan.-May 2022 deliveries surge 86.6% YoY

Shanghai (Gasgoo)-WM Motor delivered 3,240 vehicles in May 2022, according to the EV startup’s press release, quoting the registrations offered by the China Automotive Technology & Research Center (CATARC).

Compared to the previous month, the startup’s May deliveries edged down 2.1%.

WM Motor's W6; photo credit: WM Motor

For the first five months of this year, WM Motor saw its cumulative deliveries soar 86.6% from the year-ago period to 18,061 units.

The startup had submitted the application documents for its potential initial public offering ("IPO") and listing on the Hong Kong Stock Exchange, according to a stock exchange filing released in early June.

According to the IPO draft prospectus, WM Motor’s annual revenue surged 51.6% from a year earlier to 2,671.7 million yuan ($396.542 million) in 2020 and further by 77.5% from 2020 to 4,742.5 million yuan ($703.896 million) in 2021. Its yearly gross loss margin decreased from 58.3% in 2019 to 43.5% in 2020 and 41.1% in 2021.

As for product portfolio, WM Motor started with SUVs, including the EX5, the EX6, and the W6, and has also developed sedans such as the E.5 and the M7.

In addition, WM Motor expects to launch one new EV model each year over the next few years, including new models of SUVs, sedans, and MPVs riding on Caesar—its next-generation chassis platform—beginning in 2023.

WM Motor has so far received investments from Sequoia China, SAI, Baidu, Tencent, and other investors, with a cumulative financing scale of about 35 billion yuan ($5.195 billion). In March, the company completed a pre-IPO financing round with around $596 million bagged.