WM Motor, an electric car manufacturer that is backed by Baidu, recently announced that they are planning to start up a used vehicle trading platform. They claim that this platform would be the first, electric car focused, trading platform.
A WM spokesman told KrASIA that this platform is still in its planning and development phase as the company only started to hand over vehicles to buyers nine months ago, meaning there is still limited demand for secondhand EVs. In the first seven months of this year, WM has delivered more than 9,000 vehicles to buyers, according to Wang Jing, who leads the company’s secondhand vehicle department.
WM Motor’s formation of a trading platform for pre-owned EVs signals to its clients that there will be a channel to offload the vehicles when they are ready to purchase new ones, the WM spokesperson said. At the moment, there are no standards for determining the residual values for used EVs.
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