Troubled Chinese electric vehicle (EV) startup WM Motor has filed for bankruptcy, underscoring the difficulties faced in the highly competitive EV market that once positioned it as a rising star in the industry. A Shanghai court will review the WM case, according to a filing on the national enterprise bankruptcy information disclosure platform on Monday, Reuters reported. The company attributed its operational challenges to the impact of the COVID-19 pandemic, a sluggish capital market, and rising costs in raw materials. Nevertheless, the company pledged to make a comeback once it finalizes a restructuring plan in collaboration with global investors. The company said on its official Weibo account, China’s popular Twitter-like microblog, on Oct. 10, “WM Motor’s planned reorganization will introduce strategic investors from across the globe to achieve its rebirth.”...Read more https://www.theepochtimes.com/china/china-electric-vehicle-wm-motor-files-for-bankruptcy-5508789