WM Motor, a new China-based automaker, recently revealed its forthcoming lineup consisting of affordable electric vehicles. While there is a company is the U.S. that has the same name, they are not related. In offering electric vehicles that are affordable, WM Motor hopes that the average customer will be able to afford one without the need for any subsidies from the government.
For example, the Chevy Bolt has been priced at $37,495, including destination charges. Even as customers apply for a tax credit from the federal government for a maximum of $7,500, the price is still substantial at $29,995. The company said that they do not intend to be like Tesla but instead, it will offer electric vehicles aimed at mainstream customers.
Based on this, the company has presented four concept vehicles. The first is a multi-purpose vehicle with the second offering an SUV. Third on the list the high-riding estate and finally the last is a sedan. Though they may be different models, all of them have the same designs. The designs, according to a report by Car News China, were all the work of Sam Sun, the company’s chief designer.
Although the company did confirm all of them will be electric-powered, no other specific details were released. WM Motors however disclosed as well that all the models will offer excellent connectivity like the models to be released by Geely’s Lynk & Co. Additional details are expected to be released by WM Motors in the succeeding months.
The WM in the name stands for Weltmesiter and was officially started by Freeman Shen in December 2015. Shen has an excellent background when it comes to the automotive industry as not only was he Volvo China’s former chairman, he played an important role in Geely’s purchase of the former. Just this November, WM Motor started the construction of a production facility located in China amounting to $1 billion. It will be through this facility that the company hopes to release the first model by 2018 with one model to be launched every year after until 2025.
The automotive market in China is considered by many as the largest in the world with sales of passenger cars in 2015 reaching 21.1 million units, a 7.3% increase compared in the previous year. While the percentage increase may be small, the actual number is significant as the growth amounts to 1.1 million units, almost the same as the automotive market in Australia with 1.15 million units.
The Chinese market is also the one that has the most models and brands offered. In May 2016 for example, it is said that there are 130 brands made available in China. These are divided into three categories which are foreign brands, local brands, and sub-brands that result from joint ventures between foreign and local brands.