Weltmeister, once an early player among China’s electric vehicle (EV) startups, is poised for a comeback, announcing its plan to resume production this month. The news, delivered on September 6 via a “White Paper to Suppliers” published on Weltmeister’s official WeChat account by its new restructuring investor, Shenzhen Xiangfei Auto Sales Co. (Xiangfei), outlines an ambitious five-year strategic roadmap, including a target of 1 million units in annual production by 2030 and preparations for an Initial Public Offering (IPO).
The revival follows the approval of a restructuring plan for four key Weltmeister entities – including Weltmeister Motor Technology Group Co., Ltd. – by the Shanghai Third Intermediate People’s Court on April 3, 2025. This plan clarified the scope of assets and debt repayment arrangements for the companies. Xiangfei, which was the sole company to register as a strategic investor for Weltmeister, has now officially taken over these entities.
In the white paper, Xiangfei stated its commitment to “going all out” to rapidly restore mass production of Weltmeister’s EX5 and E5 models at its Wenzhou base. The new investor has pledged an initial investment of 1 billion Chinese Yuan (137 million USD) dedicated to equipment upgrades, supply chain recovery, and new product development. The resumption of operations by the “New Weltmeister” is reportedly receiving strong support from the Shanghai and Wenzhou municipal governments and relevant departments.
Ambitious three-phase development plan (2025-2030)
The “New Weltmeister” has unveiled a comprehensive three-step operating and development plan for the period between 2025 and 2030:
- Revitalisation phase (2025-2026):
- Production of EX5/E.5 models is slated to resume in September 2025.
- The company aims to ensure 10,000 units in production and sales for 2025, with an aspiration to reach 20,000 units, projecting revenues of 1 to 2 billion Chinese Yuan.
- A key focus is overseas expansion, with plans to establish a KD factory in Thailand to penetrate the Southeast Asian and Middle Eastern markets.
- By 2026, Weltmeister targets 100,000 units in production, with estimated revenues approaching 10 billion yuan (1.37 billion USD). Exports are projected to account for 30% of sales in 2026.
- Development phase (2027-2028):
- Annual sales are projected to increase significantly, ranging from 250,000 to 400,000 units.
- This phase will see the mass production of models featuring high-level advanced driver-assistance systems (ADAS).
- Artificial intelligence (AI) will be integrated across the entire value chain, from research and development to production and marketing.
- Preparations for an Initial Public Offering (IPO) are scheduled to commence.
- Leap phase (2029-2030):
- By 2030, the “New Weltmeister” aims to challenge an annual production target of 1 million units and achieve 120 billion yuan (16.4 billion USD ) in revenue.
- The company plans to construct a comprehensive smart mobility ecosystem, aspiring to become a new benchmark in the industry.
Product and marketing strategy
The “New Weltmeister” plans to rapidly expand its product portfolio, embracing both pure electric (BEV) and extended-range electric vehicle (EREV) technologies. Over the next five years, the company intends to launch more than 10 new products into the market. Marketing strategies will prioritise existing customers through loyalty rewards and “trade-in” programs.
According to a contact from the white paper who spoke with Lanjinger News, the Weltmeister Wenzhou base has already begun production, with some vehicles having rolled off the assembly line and now being sold. New sales outlets are expected to open, and a press conference will be held in due course. The contact also revealed that the factory currently employs over 400 staff, including workers, team leaders, and workshop directors, operating under a normal organisational structure. Efforts are underway to recall former employees while actively recruiting new talent.
Background of Weltmeister
Founded in 2015, Weltmeister was among the earliest wave of Chinese EV startups and was once a darling of the capital markets, having cumulatively raised over 41 billion yuan (5.6 billion USD). However, from the second half of 2022, the company faced a series of negative reports, including salary cuts, layoffs, and mounting debt. In October 2023, Weltmeister filed for bankruptcy review, initiating its restructuring process. An audit report from the restructuring case revealed that Weltmeister Technology Group had audited assets totalling 3.988 billion yuan (0.55 billion USD) against liabilities of 20.367 billion yuan (2.79 billion USD), highlighting the challenges it faced before its current resurgence.
