WM Motor achieves MoM sales growth for 5 straight months

Shanghai (Gasgoo)- WM Motor announced that its new vehicle sales in July were nearly doubled over a year ago to 2,036 units, a new record-breaking figure in terms of monthly sales. As of July, the EV innovator has gained the month-on-month growth for the fifth month in a row.

The EV startup was ranked 70th on the Hurun Global Unicorn Index 2020 TOP 100, sliding 13 places from a year ago, while still topping Chinese EV startups for four consecutive years.

The company said it delivered the 30,000th EX5 on July 6. In reaching this milestone, WM Motor became the first Chinese BEV startup that surpassed the 30,000-units sales of a single vehicle model.

The share of younger drivers among WM Motor's customer base has continued to grow. The startup revealed that the Jan.-Jun. number of users born after 1995 surged 43.4% compared to the year-ago period. Additionally, the drivers who are parents of young children now accounted for 69% of the company's customer base.

(WM EX5, photo source: WM Motor)

With the COVID-19 pandemic ebbing in China, WM Motor is taking faster moves on expanding its retail channels. By the end of July, the EV manufacturer has newly set up 64 sales outlets across the country so far this year, of which 18 were launched last month.

Moreover, WM Motor is also enlarging its partnerships for charging ecosystem. It has formed cooperation with up to 13 Chinese mainstream charging operators, such as State Grid and TELD, and has been given access to around 200,000 public charging piles in over 260 cities.

With respect to financing progress, WM Motor Technology Co. is reportedly weighing an initial public offering in Shanghai as rival electric vehicle manufacturers battle for a domestic market increasingly dominated by Tesla Inc, Bloomberg said in late July.