Pioneering carmaker with fleet of EVs files for bankruptcy after being linked to major deal with second-hand auto dealer ...Middle East

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Pioneering carmaker with fleet of EVs files for bankruptcy after being linked to major deal with second-hand auto dealer
A PIONEERING car manufacturer has filed for bankruptcy just weeks after a US second-hand car dealer announced an acquisition deal. WM Motor, an electric vehicle start-up from China filed for bankruptcy on Monday in a court in Shanghai. GettyWM Motor filed for bankruptcy on Monday following huge losses for the past few years[/caption] GettyThe filing comes a month after US-listed second-hand car dealer Kaixin Auto Holdings announced a non-binding acquisition term sheet with the Chinese company[/caption] The company notes annual losses which doubled to $1.13 billion over three years to 2021, according to its stock prospectus from June 2022. It is hoped that the restructuring wil

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