Aiways Bags New Round of Financing Worth Several Hundred Million Dollars

Chinese EV startup Aiways Automobile on Monday received a new round of financing from Chen Xuanlin and Dongbai Industrial Group (owned by Chen), with a total financing amount reaching several hundred million US dollars.

Since the end of 2017, Chen Xuanlin has participated in several rounds of financing for Aiways. At present, the new shareholders have sent some staff to Aiways.

According to the latest information on Aiways’s official website, the core senior management team has changed, with founder Fu Qiang continuing to serve as president, Chen Xuanlin as chairman and Zhang Yang as CEO.

Among them, Chen Xuanlin brings rich experience in investment and operations in the automobile industry. He is currently the chairman of Shanghai Zhongtong Ruide Investment Group Co., Ltd. and the chairman of Shanghai Wanxiang Auto Manufacturing Co., Ltd. The Shanghai Zhongtong Ruide Investment Group involves industries including automobile manufacturing, commerce and navigation.

Zhang Yang once served as vice president of Industry Development for NIO, endowing him with rich industry experience and resources. He is a senior management expert in the new energy automobile industry.

Aiways was established in February 2017, and its R&D headquarters are located in Jiading district, Shanghai. Gu Feng, the cofounder of Aiways, used to be the CFO of SAIC, and his vision was to create a “Tesla of China.” However, due to the persistence of the epidemic and insufficient brand influence, the development of Aiways has encountered trouble.

Up to now, Aiways has released three models: the U5, U6 and U7 ion, among which the U5 has been delivered in batches in January 2020, and the U6 is about to enter the market and start deliveries.

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Data show that in 2020, the cumulative sales volume of Aiways in China was only 2,600. In 2021, the average monthly sales volume of Aiways was less than 300 vehicles. According to data from the China Passenger Car Association, from January to November, 2021, the cumulative sales volume of Aiways Automobile was 2,992.

In addition, from May 2020 to December 15, 2021, Aiways exported a total of 2,705 vehicles overseas, entered domestic market in various countries including France, Germany, the Netherlands and Sweden.