EV start-up seeks Aussie investment

A company that has been marketing an electric SUV in China since September 2018 is planning to expand its product range – and hoping to do so with the help of Australian funding.

WM Motor has high hopes for its growing range of electric SUVs, but is looking for funding to keep its business plan on track. The company has appointed an Australian PR consultant to promote the brand here and attract investors, but not specifically to lay the groundwork for expansion into the local market as its own vehicle brand.

According to the Aussie spokesperson, "there's no plan to expand [into Australia] at this stage."

The company's fund-raising aspirations were revealed in a brief statement this afternoon.

"WM Motor has just completed a fundraising round and is continuing to build its visibility and awareness within the international electric vehicle community."

In other words, WM Motor wants your money, but isn't yet ready to sell you a right-hand drive electric SUV, unlike other Chinese brands.

So why would sinking money into WM Motor be a good investment?

According to a press release from the company, "China is the world’s biggest EV market, with sales of electric cars rising by 62 per cent in 2018 to an estimated 1.2m units. Despite this impressive scale, EVs represented just four per cent of the 26m passenger cars sold there last year."

The company claims it has sold 4085 vehicles during the first quarter of 2019, which is a better performance than any other similar start-up venture during the same period. Only in China could there be a race to see who can build the most electric vehicles from the latest start date...

Since the launch of the EX5 model, WM Motor has already upgraded the SUV with two new variants – the EX5 2.0 and EX5 Pro.

The company's CEO, Freeman Shen (pictured), announced the upgraded EX5 yesterday. The small SUV, reputedly features 19 significant changes comprising an enhanced audio system, improved uphostery and redesign of seats, door handles and air conditioning vents.

Three range options are available: 300km, 400km and 460km.

Both the EX5 2.0 and the upmarket EX5 Pro can reach 100km/h from a standing start in 8.1sec, the company claims.

Level 2 driver-assistance systems are standard for the EX5 Pro and include adaptive cruise control, intersection collision avoidance, traffic jam assist and self parking.

WM Motor says the EX5 will be joined by a larger electric SUV, named the EX6 during the second half of 2019. Another WM SUV has been previewed in the form of a design study, the Evolve Concept SUV. This vehicle is also slated for production, commencing in 2021.

Based in Shanghai, WM Motor, which sells cars in China under a brand, 'Weltmeister' (German for 'World Champion'), was only founded in 2015.

Vehicles are built at a plant in the Chinese city of Wenzhou (Zhejiang province) and the manufacturing plant can build up to 100,000 vehicles per annum. A second factory at Huanggang in Hubei province is currently under construction and WM Motor also maintains R&D facilities in China, Germany and the USA, and has financial support from a number of domestic investors in China.