EV startup WM Motor to build assembly plant in Wenzhou

WM Motor, an electric vehicle startup launched by former Volvo Car Corp. China President Freeman Shen, began building its first assembly plant in Wenzhou last week in east China's Zhejiang province.

The 6.7 billion yuan ($971 million) factory is expected to start production in 2018.

The plant will produce up to 200,000 vehicles a year after reaching full production capacity, according to the website of Wenzhou's municipal government.

WM was named after the German word weltmeister, which means global champion. The company was incorporated in Shanghai last year. 

In August, Shen announced that he had raised 6.6 billion yuan in an initial round of fundraising. At the time, he also confirmed plans to apply for a production license late this year.

Shen was Volvo's China president from 2010 to 2014, following Geely's acquisition of the Swedish carmaker from Ford Motor Co.  Before joining Geely, Shen spent more than a decade working for BorgWarner Inc. and Italian automaker Fiat SpA.