The rush to make it big in the Electric Vehicle space

With Tesla’s success doing the rounds like a ‘case study’, one can’t help but realise that it was a step in the right direction. To make the best of the upcoming EV revolution, a whole bunch of players are getting onto the bandwagon. So, what’s new here?

Well, when the ex-top-shot from a well-placed car maker quits and raises one billion dollars to start up an electric car company, you know it means business. And a whole lot of it too. Case in point here is Freeman Shen’s exit from Volvo Cars in 2014 has resulted in his making of WM Motor. He has plans for WM Motor to launch their first electric vehicle in the year 2018, and swell production levels to 100,000 plus units annually within three years. 

What makes Shen’s story different and worthwhile is that he has worked for the auto industry for 22 years. Freeman Shen, said, “We have profound experience in the industry, which distinguishes us from other start-up companies, even Tesla. We don’t want to make toy-like luxury cars for the minority. We will target the mass market.”  For now, EV car makers like WM Motor eye the potential in the Chinese government’s assurance to subsidize these businesses to reduce dependence on oil imports.

Shen’s confidence is also backed by his team who have had widespread experience in China’s auto industry. Expertise that ranges from production and sales, product development and parts procurement. He currently plans to develop his cars using two platforms and is getting prepared to set up a factory in eastern China. While the initial idea is to cater to the local market, the international market could get to see these EVs with time.

With the bump up in the number of players in this EV arena, it’s only going to get better for the consumer.