China EV industry under stress

Sharp turn: Workers checking the motor of an electric car at a manufacturing plant in China. More than half of the 500 registered EV makers in 2019 have collapsed due to intensifying competition. — Bloomberg

BEIJING: Expectations were high for WM Motor Holdings Ltd a Shanghai-based electric-vehicle (EV) maker backed by tech giant Baidu Inc and started by a former Volvo AB executive.

Now, it risks becoming yet another casualty of the slow-motion shakeout in China’s crowded EV market.