Gasgoo Munich- WM Motor, once hailed as one of the "Four Little Dragons" of China's EV startups, has resurfaced on the asset auction block, according to Gasgoo. Data from Alibaba’s judicial auction platform shows that eight inventory vehicles owned by WM Motor New Energy Vehicle Sales (Shanghai) were sold on Sept. 4. With a starting price of 200,000 yuan, the lot sold at the reserve price — working out to just 25,000 yuan per car.All eight vehicles rolled off the production line in August 2022. Identified as model SZS7000A04BEV, they correspond to the WM Motor E.5 electric sedan, which originally carried a manufacturer’s suggested retail price between 150,000 and 210,000 yuan. However, the auction notice reveals significant caveats: the fleet may have unresolved traffic violations, expired inspections, or be under seizure. Having sat outdoors for over four years without certificates of conformity or invoices, and with the administrator refusing to assist with ownership transfers, the cars cannot be legally registered or driven — rendering their utility virtually negligible.Image source: WM MotorThis marks the third listing for this batch. Previous attempts, with starting prices of 400,000 yuan and 320,000 yuan respectively, failed to attract a single bidder. After the price was slashed to 200,000 yuan, just one participant registered, securing the lot at the reserve price.Public records show WM Motor was among the first wave of domestic startups to secure manufacturing licenses, once standing shoulder-to-shoulder with NIO, XPENG, and Li Auto. At its peak, annual sales topped 40,000 units. But since the second half of 2022, the company has been plagued by reports of production halts and unpaid supplier debts. WM Motor filed for bankruptcy review in October 2023; by December, the court had accepted the case. An audit of the restructuring revealed that WM Technology Group was saddled with liabilities totaling 20.37 billion yuan.In September 2025, Shenzhen Xiangfei Auto Sales Co. stepped in as an investor and new shareholder to take control of four WM Motor entities. At the time, the market held out hope for a WM Motor revival, and the company briefly restored infotainment functions for certain models.However, moving into 2026, restructuring efforts fell short of expectations, prompting WM Motor to begin a massive liquidation of assets. In April, external accounts receivable from two subsidiaries — with book values of 128 million yuan and 140 million yuan respectively — were listed for auction with a starting price of just 100 yuan.From a startup once mentioned in the same breath as NIO, XPENG, and Li Auto to selling inventory cars for an average of just 25,000 yuan, WM Motor’s asset liquidation continues unabated. The outlook for its restructuring remains uncertain.
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