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Caixin

China EV startup WM Motor cuts wages amid rising losses: sources

Staff bonuses and purchase subsidies canceled as company plans Hong Kong IPO

WM Motor, which is targeting the mid-tier market, only delivered 44,152 cars in 2021, putting it far behind bigger domestic rivals Nio, Xpeng and Li Auto.   © Reuters

WM Motor Holdings is cutting salaries by half for management and nearly a third for staff members, Caixin has learned, as the electric vehicle startup struggles with sluggish sales and ballooning losses.

The Shanghai-based automaker began the cost-control measures in October, also canceling annual bonuses and vehicle purchases subsidies, the source said, citing a Monday internal memo.

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