Chinese EV maker WM Motor reportedly cuts salaries to stay afloat · TechNode

Chinese electric vehicle maker WM Motor is reportedly planning a 50% pay cut for senior executives, while junior workers will also see a 30% cut in the firm’s latest efforts to control costs and conserve cash. Chief executive Freeman Shen blamed the company’s woes on multiple challenges, including a Covid-19 rebound and the surging cost of raw materials, according to an internal memo published Monday and obtained by local media outlet Ifeng. The eight-year-old EV startup has three models on sale and delivered around 30,000 vehicles from January to October this year, according to figures from the China Passenger Car Association. [Ifeng Tech, in Chinese]