Chinese electric car start-up WM Motor may be up against a crowded playing field filled with more established players, although the company has big ambitions.
“Our job is usually to produce mass, affordable, easy-to-use electric vehicles for the millions of households in China, just like what Henry Ford did a hundred years ago [or] like Bill Gates did [almost] 50 years ago for personal computers,” WM Motor CFO Ran Zhang told CNBC on the sidelines of the Morgan Stanley China Technology, Media & Telecoms Conference.
Beijing has spent heavily in its push for electric cars along with various other brand-new energy vehicles. Among various other measures, the government has allocated subsidies along with invested in infrastructure like charging stations.
When state support for electric vehicle manufacturers was reduced last year, however, sales continued to remain robust as Chinese consumers appeared to warm to electric cars, according to The Wall Street Journal.
Given interest from the space, which’s no surprise which China’s electric car market is usually fairly crowded, with names like start-up Nio along with leading local automaker BYD among those competing from the space. Even Tesla includes a foot from the door, although which doesn’t receive the same level of government support as local players.
although, according to Zhang, the segment targeted by WM Motor — electric cars priced from the “affordable” range of between 0,000 yuan ($30,764) along with 300,000 yuan ($46,144) — is usually one which remains relatively unaddressed from the market.
For comparison, rival Nio’s ES8 product priced at 448,000 yuan ($68,910) while Tesla’s product X went for around 836,000 yuan ($128,587) last month.
“the auto industry is usually not a monopolized industry. There are so many players out there along with, frankly, we don’t think we’re going to take the cheese coming from everybody else,” Ran said.
“We are going to help introduce brand-new technology into which world along with hopefully, everybody else is usually going to do the same thing. along with we’re going to uplift the water level for everybody.”