Chinese electric vehicle startup WM Motor has filed for bankruptcy, citing macro-economic conditions, operational issues, and difficulty securing capital as contributing factors. Despite being backed by Baidu and Tencent and raising over $5.3 billion in funding, WM Motor was unable to compete in China's EV market, where bigger players are gaining market share. The company's losses in the three years leading up to 2021 amounted to $1.13 billion. WM Motor has expressed its intention to reorganize and attract strategic investors to "achieve its rebirth," but industry experts are skeptical about its future prospects.

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