WM Motor setup Weltmeister brand for electric cars by 2018

WM Motor Technology Co. will use the company's name "Weltmeister" as a brand and plans to begin accepting orders for an electric sports car by April 2018. Shanghai-based startup will begin producing its first car at a new plant in Wenzhou in the second quarter of next year.

WM Motor founder and CEO, Freeman Shen, said the company also launched a logo for the brand that will adorn cars in which the Weltmeister brand reflects an increasing challenge for traditional car makers to overcome.

Tinuku WM Motor setup Weltmeister brand for electric cars by 2018

Shen said WM Motor plans to start shipping its first car under 300,000 yuan (US$45,340) for buyers in the second half of 2018. The company aims to sell 100,000 cars a year with three models within 3-4 years later in Wenzhou.

WM Motors was founded by Freeman H. Shen and Napoleon Du in 2015. Startup raises Serie A funding in 2016 and Series B in 2017 for a total of US$1.2 billion. Investors include Baidu Capital, Amiba Capital, Tencent Holdings, Susquehanna International Group and Zhejiang Geely Holding Group.

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