WM Motor's bankruptcy liquidation process has entered a pivotal phase. According to information from Taobao's Ali Auction platform, on April 27, the administrator of WM New Energy Vehicle Procurement (Shanghai) Co., Ltd. will conduct a public auction for 24 external accounts receivable belonging to the company. These receivables, with a book value of around 128 million yuan, will have a starting bid of just 100 yuan. The administrator has pointed out that the receivables include amounts owed by prominent companies such as Bosch Automotive. However, no written contracts have been recovered, and the system containing the relevant data has been discontinued and cannot be reinstated. By 10:00 AM on April 26, 18 participants had already signed up for the auction, which marks the fifth such event. On the same day, it was announced that 123 external accounts receivable (valued at approximately 140 million yuan) held by WM New Energy Vehicle Sales (Shanghai) Co., Ltd., an affiliate of WM Motor, will also be auctioned for the fifth time on May 5, encountering similar issues. WM Motor was once recognized as one of the 'Four Little Dragons of New Vehicle Manufacturers.' In June 2025, the court accepted the bankruptcy liquidation petitions for its two companies. Presently, the new energy vehicle market is experiencing intense competition, with over 20 renowned automakers having declared bankruptcy or withdrawn from the market.