The electric car industry has become more popular in the world today. Several car companies across the globe are expanding their business by making electric vehicles that will cater to the demand. The latest of which is the Chinese firm WM Motor.
The latest car company to join in the pool of competition is led by a former Volvo and Zhejiang Geely executive, Freeman Shen, reports Bloomberg. According to the website, Shen successfully raised $1B to fund WM Motor to challenge one of the biggest rivals, Tesla.
Shen left his company in 2014 with a dream to build his own firm hence the WM Motor. He said that they are planning to release the very first electric car model in 2018 and targets as much as 100,000 units.
"We have profound experience in the industry, which distinguishes us from other startup companies, even Tesla," Shen said in an interview in Shanghai, quoted by the website. "We don't want to make toy-like luxury cars for the minority. We will target the mass market."
The website also noted that WM Motor has been known as global champion despite the fact that it was just founded in 2015. There is a big possibility that the company will be successful in their first project.
On the other hand, Fortune also reported that Chinese businessmen have been investing in the electric car industry. Notably, Wanxiang (which owns Karma Automotive, NextEV, Atieva, and LeEco) has a factory in Hangzhou, China that could make as many as 50,000 electric cars per year.
Meanwhile, another company called Xindayang is using battery tech from Boston Power to make electric cars and sold about 32,000 electric cars last year.
It appears that WM Motors could surpass the success of these mentioned Chinese car companies. Shen has been in the industry for 22 years thus far, the future for venturing into developing their own electric car is foreseeable.