Chinese electric vehicle company WM Motor, or Weltmeister, submitted on Wednesday for publication in Hong Kong. Pictured here is one of the company’s cars in a shopping mall in Shanghai.
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Beijing — China’s electric vehicle starter WM Motor filed Wednesday for listing on the Hong Kong Stock Exchange.
The electric vehicle company, also known as Weltmeister, has doubled its annual loss to 8.2 billion yuan ($ 1.2 billion) in the last three years, while more than doubling its revenue, about 170% in 2021. It was revealed that it increased to 4.7 billion yuan.
Public version of filing Price information is not included.
China’s electric vehicle market is the largest and fastest growing in the world, but automakers such as BYD and Tesla dominate sales.Chinese start-ups such as Nio When Xpeng Listed in both the US and Hong Kong, it’s getting a lot of attention, but it’s still a small part of the market.
WM Motor sold even fewer cars. The company said in a filing that it had sold 83,495 electric vehicles as of December 31, since the first model was launched in September 2018.
Xpeng said it launched its first model at about the same time, with cumulative shipments reaching 137,953 units at the end of December. Nio said it had shipped 167,070 units as of the end of December, but launched its first car about a year before its rival startup.
WM Motor CEO Freeman Shen told CNBC in January that he expects demand for electric vehicles in China to almost double last year.But he said the lack of chips and the disruption of the Covid-related supply chain Increase the cost of the company that makes the car.
WM Motor’s SUVs and sedans are priced in the range of about 160,800 yuan to 280,000 yuan, Filing said. This is similar to the Xpeng price range.
The company said in a filing Wednesday that its competitive advantage would include a focus on mainstream markets, self-owned manufacturing facilities and strong R & D capabilities.
As of the end of last year, WM Motor reported that it spends 20.7% of its revenue on research and development, while Xpeng reports that it spends 19.6% of its revenue on such research.
but, Xpeng has 13,978 people, more than triple Employee vs. WM Motor 3,952, filing was shown at the end of last year.
According to WM Motor, R & D has 1,141 employees, which is 28.9% of the total number of employees. Manufacturing workers accounted for the largest share, at 54.1%.
For comparison, Xpeng said the sales and marketing teams account for the largest share of employees, 45%. A total of 5,271 R & D employees accounted for 38% of the workforce.