The road to revival for WM Motor, JIDU, and their peers is destined to be fraught with uncertainties and challenges.
Once ranked alongside NIO, Li Auto, and XPeng, WM Motor—which fell into bankruptcy restructuring in 2023—has recently shown new developments.
Tianyancha records show that on November 27, Zhima Xing (Wenzhou) New Energy Vehicle Sales Co., Ltd. was established.
Information indicates the company’s legal representative is Liu Yanming, with a registered capital of RMB 200 million. Its business scope includes new energy vehicle sales, new energy vehicle electronic accessories sales, battery swap facility sales, and general auto sales.
Shareholding information reveals the company is wholly owned by WM Motor Manufacturing (Wenzhou) Co., Ltd.
Notably, as recently as November 3, WM Motor’s official Weibo account posted: “Good things are coming soon, please stay tuned,” hinting at upcoming major news.
WM Motor’s “revival” plan does not come suddenly.
As early as September this year, WM Motor’s new shareholder, Shenzhen Xiangfei Auto Sales Co., Ltd., issued a “White Paper to Suppliers,” formally announcing the takeover of four core WM Motor companies and disclosing a three-phase development plan.
According to this plan, WM Motor aims to resume production of the EX5 and E5 models by September 2025, ensure annual production and sales of 10,000 units, and establish a factory in Thailand to expand into Southeast Asian and Middle Eastern markets.
Simultaneously, WM Motor plans to achieve full production capacity of 100,000 units by 2026, begin IPO preparations from 2027 to 2028, and target production of 1 million units and revenue of RMB 120 billion by 2030.
The establishment of the new company is part of WM Motor’s production resumption plan.
Almost concurrently with WM Motor, another new energy vehicle brand—JIDU Auto—is also seeking restructuring and revival.
On November 25, JIDU Auto’s official WeChat account released an “Announcement on Initiating Pre-restructuring Procedures.”
The announcement stated that JIDU Auto has submitted a pre-restructuring application to the Shanghai No. 3 Intermediate People’s Court, which was formally accepted on November 21, 2025. The purpose of initiating pre-restructuring is to introduce new strategic investors, revitalize existing assets and resources, maintain asset value, and protect users’ after-sales rights.
Sources revealed that JIDU is in talks with several traditional automakers, considering a contract manufacturing model to preserve its brand and technological assets while avoiding heavy asset investment. While this approach can lower restart costs, it also means losing production autonomy and poses challenges to brand premium potential.
Industry analysts point out that the differing paths of WM Motor and JIDU represent two distinct choices: “asset restructuring” versus “brand preservation.”
Earlier this year, XPeng Motors CEO He Xiaopeng reiterated his perspective on the NEV industry shakeout in a media interview.
He Xiaopeng stated that China’s new energy vehicle competition might involve a 3-year elimination round, followed by a 3–5 year promotion match, ultimately leaving about 7 players standing. Some peers are more pessimistic, suggesting the number could be fewer than 5.
Although struggling automakers show strong “survival instincts,” the market and consumers generally view WM Motor and JIDU’s “restructuring and revival” plans with skepticism.
Many netizens have openly expressed distrust in these companies. One consumer noted, “Once broken, trust is difficult to restore. Their previous actions have left us with little confidence.”
As competition in China’s new energy vehicle market intensifies, the “revival” path for players like WM Motor and JIDU is destined to be filled with uncertainties and challenges.
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