Shanghai (ZXZC)- Chinese new energy vehicle (NEV) manufacturer WM Motor announced today it has raised prices of many of its vehicle models due to the government's withdrawal of the yearslong generous subsidies on NEVs, and the repeated fluctuations of both the upstream and downstream industrial chain that involve chips, batteries, etc.

Coming into effect on Jan. 1, 2023, the adjustment affected four models, namely, the EX5, the EX5-Z, the E.5, and the W6, which saw their post-subsidy prices lifted by 15,000 yuan to 25,000 yuan ($2,240-$3,735).

Photo credit: WM Motor

WM Motor recorded a year-on-year surge of 41% in its cumulative sales for the first eight months of 2022. However, in order to brak the eindustry oddity of "the more you sell, the more you lose", the company strategically contracted its new vehicle deliveries in the remaining months of 2022, and issued several price adjustments to improve the company's profit structure, and thus better support its product R&D and the provision of customer services.

In the field of intelligent driving, WM Motor said it has launched the Level 2 intelligent driving platform that features more functions and greater safety performances than other products of the same level, and the world's first Level 4 driverless parking platform available for limited scenarios to tackle driving fatigue, parking difficulty, and other issues.

As for the development of intelligent cockpits, WM Motor added it has realized the interaction of both the indoor and outdoor scenarios, installed high-performance chips onto its vehicles’ infotainment systems, and started the volume production of SOA (service-oriented architecture) system to let users define vehicles.