Kaixin Auto Holdings, a dealership in the premium used car segment and new car sales in China, has signed a non-binding acquisition term sheet with WM Motor Holdings Limited and is planning to issue a certain number of new shares to acquire 100% of the equity of WM Motor held by its current shareholders.
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WM Motor is a vehicle technology provider founded in 2015 with capabilities in product design, R&D, supply chain management, vehicle and battery pack manufacturing, online digital marketing, sales and services channels (online and offline) and auto financing.
According to GlobalData’s deals database, WM Motor owns and operates two Industry 4.0 intelligent manufacturing factories in Wenzhou and Huanggang, China, and has launched various cooperation projects in the European Union, the Middle East, ASEAN and North America.
Mingjun Lin, chairman and CEO of Kaixin, said: “WM Motor’s fashion technology product positioning and branding has a good match with Kaixin’s strategic development goals. Through the intended acquisition, WM Motor will gain access to more capital support to enhance the development of its smart mobility business.”
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