WM Motor boasts 62.2% YoY surge in H1 2022 deliveries

Shanghai (Gasgoo)- WM Motor delivered 21,738 vehicles in the first half of 2022, according to the EV startup's press release, quoting the registrations offered by the China Automotive Technology & Research Center ("CATARC").

The Shanghai-headquartered company did not release the monthly sales data for June. Nevertheless, after deduction of the Jan.-May deliveries of 18,061 units, it can be calculated that WM Motor delivered 3,677 vehicles last month, representing a 13.5% growth from the previous month.

The startup had submitted the application documents for its potential initial public offering ("IPO") and listing on the Hong Kong Stock Exchange, according to a stock exchange filing released in early June.

WM Motor's W6; photo credit: WM Motor

According to the IPO draft prospectus, WM Motor's annual revenue surged 51.6% from a year earlier to 2,671.7 million yuan ($396.954 million) in 2020 and further by 77.5% from 2020 to 4,742.5 million yuan ($704.628 million) in 2021. Its yearly gross loss margin decreased from 58.3% in 2019 to 43.5% in 2020 and 41.1% in 2021.

As for product portfolio, WM Motor started with SUVs, including the EX5, the EX6, and the W6, and has also developed sedans such as the E.5 and the M7.

In addition, WM Motor expects to launch one new EV model each year over the next few years, including new SUV, sedan, and MPV models riding on Caesar—its next-generation chassis platform—starting 2023.