Chinese EV startup WM Motor said to be slashing salaries as losses balloon

Chinese EV startup WM Motor said to be slashing salaries as losses balloon

WM Motor's EX6 Plus smart, pure electric SUV. Source: WM Motor website

WM Motor Holdings Ltd. is cutting salaries by half for management and nearly a third for staff members, Caixin has learned, as the electric-vehicle (EV) startup struggles with sluggish sales and ballooning losses.

The Shanghai-based automaker began the cost-control measures in October, also cancelling annual bonuses and vehicle purchases subsidies, the source said, citing a Monday internal memo.

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