Chinese Electric vehicle manufacturer WM Motor Holdings is considering raising about US$1 billion and filed Wednesday to go public on the Hong Kong Stock Exchange.
The company disclosed its annual losses doubled over the last 3 years to 8.2 billion yuan ($1.2 billion) while revenue doubled during that time, rising by about 170% to 4.7 billion yuan in 2021.
The company did not launch the share sale before the end of the year and the public version of the filing did not include the pricing information.
Although WM Motor has sold fewer cars, overall, the company sold 83, 495 electric cars since its first model launched in Sept 2018. The electric car company is expected to launch a total of 5 models by 2022 and has already established 2 manufacturing bases with a total annual production capacity of 2,50,000 units by completion.
The Chinese EV startups Xpeng, Li Auto, and Nio are trading under Hong Kong Stock Exchange, as well as avoiding potential geopolitical risks from Washington.
Additionally, the automotive industry in China, especially EV production is under huge pressure by surging raw material prices, covid disruptions, and stagnant economic growth.