Vincent Kong waves a soft-bristled brush as he removes dust from his WM W6, an electric sport-utility vehicle whose purchase he has regretted since the time the carmaker’s fortunes took a turn for the worse.
“If WM were to close [due to a financial squeeze], I would be forced buy a new [electric] car to replace the W6 because the company’s after-sale services would be suspended,” said the Shanghai white-collar clerk, who spent about 200,000 yuan (US$27,782) when he bought the SUV two years ago. “More importantly, it would be embarrassing to drive a car built by a failed marque.”
Founded in 2015 by Freeman Shen Hui, former CEO of Zhejiang Geely Holding Group, WM has grappled with financial problems since the second half of 2022 and suffered a blow in early September this year when its US billion reverse-merger deal with Hong Kong-listed Apollo Smart Mobility collapsed.
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2023-10-07 04:30:00
Post from finance.yahoo.com
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