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Chinese electric vehicle startup WM Motor has filed for bankruptcy, an example of yet another once-promising EV upstart that has been pushed to insolvency as bigger players gain market share and Chinese spending on big ticket items dwindles. WM Motor, backed by Baidu and Tencent, was one of the most well-funded EV startups in China, alongside Nio, Li Auto and XPeng. As it turns out, that money wasn't sufficient to compete in China's EV market, where automakers are crumpling under pressure to introduce new smart features and luxury products at increasingly lower price points.

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