WM Motor Philippines will honor warranty, aftersales agreements amid WM Motor China bankruptcy filing -- EVOxTerra

Weltmeister Motor (or WM Motor) is one of the less well-known electric vehicle (EV) brands in the Philippines.

WM Motor Philippines has been handled by distributor EVOxTerra since July 2022. It currently sells the W5 EV crossover, which was repriced down to ₱2,248,000 on April 2023 following the passage of zero duties for imported EVs. 

The company said operations are “business as usual” amid the recent bankruptcy filing of mother company WM Motor.

“We carry other brands as well and they are not affected by WM in any way,” EVOxTerra sales, marketing and product planning manager Kristoff Arcega told AutoFun Philippines.

EVOxTerra is also the distributor of Chinese luxury brand Hongqi, which was officially launched in the Philippines on September 2023.

The company added in a later press statement that it will honor all existing warranties and service agreements for WM Motor vehicles.

"Our highly trained technicians and service center are ready to provide maintenance, repairs, and spare parts to ensure your vehicles continue to perform at their best," EVOxTerra said.

"Rest assured that our customer service team will be available to assist with any inquiries, concerns, or support you may require," it added.

WM Motor’s woes

Chinese automaker WM Motor started operations on January 2015 and launched its first production car, the EX5, on May 2018. 

According to a report from Reuters, the startup filed for bankruptcy earlier this week amid operation issues in recent years.

The company pointed to the COVID-19 pandemic's impact, capital market sluggishness, large price swings in raw materials and setbacks in gaining capital needed for operations and development.

WM Motor has struggled to make a profit in the capital-intensive auto sector, with annual losses doubling to 8.2 billion yuan (around ₱63.8 billion) over the three years to 2021, according to its stock prospectus released in June 2022 for a planned Hong Kong IPO.

"WM Motor's planned reorganization will introduce strategic investors from across the globe to achieve its rebirth," the company said in a statement posted on its official Weibo account on Tuesday.

Can WM Motor come back stronger than ever?

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