Chinese electric vehicle start-up WM Motor started deliveries of its first model last week, as it looks to exploit the strong anticipated growth in demand for new-energy vehicles in the country.
The EX5, first unveiled at an event in Shanghai last December, is an SUV with a range of 460km on a single charge. It is available in three variants priced at between CNY186,550-247,300 (US$27,000-35,800).
Go deeper with GlobalData
WM Motor was established in 2015 with the backing of China’s internet giant Tencent. A new 200,000 unit/year plant was recently completed in Wenzhou in Zhejiang province.
The company said it had received orders for 4,000 EX5s so far and aimed to deliver at least 10,000 units by the end of the year.
Chairman and CEO Freeman Shen, previously a former senior executive at Geely and Volvo, said: “This is the first step in our long journey ahead”.
See Also:
The company is targeting sales of 100,000 units next year, helped by the launch of two new models, the EX5 Pro and EX6.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSales of new energy vehicles are expected to rise to over 1m units this year from 777,000 in 2017.
