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.
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
Read Next
Latest on Caixin
