Weltmeister Revives EV Production and Business Operations After Bankruptcy
SHANGHAI — Chinese electric vehicle (EV) startup Weltmeister, an early player in the market that filed for bankruptcy in 2023, has officially resumed operations under new ownership. Backed by a new investor, Shenzhen Xiangfei Auto Sales Co., and with government support, the company aims to rebuild its presence in China's highly competitive EV sector.
Key Details:
Production Restart: The company's Wenzhou base has resumed production of the EX5 SUV and E5 sedan models.
New Investor & Funding: Shenzhen Xiangfei is the new owner and has committed an initial investment of 1 billion Chinese Yuan (around $137 million USD) for upgrades and supply chain recovery. The "New Weltmeister" is receiving support from the Shanghai and Wenzhou municipal governments.
Ambitious Targets: The company has a multi-phase development plan (2025-2030), with a goal to produce 10,000 to 20,000 units by the end of 2025. The long-term objective is to reach an annual production target of one million vehicles by 2030.
Future Plans: Weltmeister intends to launch over 10 new models, including sedans, SUVs, and MPVs, within the next five years. It also plans international expansion, starting with a factory in Thailand.
Sales & Service: A new sales subsidiary has been established to manage retail operations, parts distribution, and after-sales support, addressing a critical concern for existing owners following the original company's collapse.
The comeback effort faces significant challenges in a crowded market, but the new structure and financial backing provide a path for the brand's potential resurgence.
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