WM Motor, one of the world's largest automobile manufacturers, filed for bankruptcy, having difficulty in recovering after the pandemic.
While China has recently achieved complete dominance in the automobile market, companies had difficulty surviving after the impact of the pandemic and the stagnation in the markets.
WM Motor, which operates in China and works on electric cars, stated that it could no longer survive in this market.
The Shanghai court began to deal with the bankruptcy decision after the application was made to the national corporate bankruptcy information disclosure platform on Monday.
The next day, WM Motor said, "The planned restructuring of WM Motor will be introduced to strategic investors from around the world to realize its rebirth."