Chinese electric car start-up WM Motor, also known as Weltmeister, has filed documents to go public on the Hong Kong Stock Exchange, although it didn't disclose pricing information.
- WM Motor claims to have sold 83,495 electric cars as of December 2021, since its first model launched back in September 2018.
- The electric car company also disclosed its annual losses doubled over the last three years to 8.2 billion yuan ($1.2 billion).
- Its revenue more than doubled during this period, rising by about 170% to 4.7 billion yuan in 2021.
- But while China’s electric car market is the largest globally and a fast-growing one, automakers such as BYD and Tesla still dominate sales.
- Chinese start-ups such as Nio and Xpeng, both listed in the U.S. and Hong Kong have a small portion of the market.