Chinese electric vehicle maker Aiways is in discussions with investors to recommence production of its current models and create a new, budget-friendly vehicle, aiming to transition into an export-only brand, a company spokesman revealed on Tuesday.
The company ceased production at its Shangrao plant last summer and has since been engaged in trial production of its U5 and U6 EV models as negotiations with investors advance, stated Bernd Abel, the overseas communications director at Aiways, in an interview with Reuters.
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Abel emphasized the necessity of a substantial investment, expressing confidence in securing it. “We need a big investment,” he stated, “We’re confident we can get it.” He also highlighted the company’s need for funding for operational expenses and certain development costs. If Aiways successfully secures funding primarily from Chinese investors, with some contributions from European backers, the company anticipates exporting between 15,000 and 25,000 vehicles this year. Abel further mentioned the goal of achieving “six-digit numbers” within a few years.
Established in 2017, Aiways has garnered investment from prominent entities such as tech giant Tencent, ride-hailing group DiDi, and battery manufacturer CATL. Prior to its current financial challenges, the company had marketed its U5 and U6 models in 16 European markets.
The Chinese electric vehicle market, home to 82 EV brands, has seen an escalation in price competition, leading to reduced margins for automakers and the exit of weaker participants. Aiways is part of a cohort of struggling Chinese EV startups, including WM Motors and Human Horizons, which have suspended operations due to sluggish sales.
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For the time being, Aiways aims to concentrate on the European market due to its familiarity with those regions, according to Abel. “We’re not going to sell in China because the price war is incredible in China,” he remarked. “You can only make losses in China.”
In addition to its U5 and U6 crossover SUV models, Aiways is developing a more economical electric car, with an anticipated starting price of around 25,000 euros ($27,110), Abel disclosed.
