Apollo Future Mobility Ditches $2 Billion Plan to Buy WM Motor

Less than a year after it inked a deal to buy Chinese electric vehicle maker WM Motor Holdings Ltd. for $2.02 billion, Apollo Future Mobility Group Ltd. has walked away, saying that a share placement to seal the transaction will no longer proceed.

Apollo, in a statement to the Hong Kong exchange Friday, cited continued uncertainties in financial market sentiment and the recovery of China’s post-pandemic economy. It added that commercial considerations including geopolitical conflicts were also a factor.

The original deal, announced in January, was conditional upon raising financing to boost WM’s cash reserves to supplement cash flow ...