Startup AIWAYS said to obtain RMB1 billion investment from government-backed fund
Summary
It is reported that the targeted fund is designed to support AIWAYS development programs, including the construction of its Shangrao-based plant, workshops and assembly lines with annual capacity totaling 300,000 NEVs, the R&D over new models and the deployment of sales and experience outlets across China. AIWAYS is said to acquire stakes in Jiangling Motors Co., Ltd. (JMC), while the detail transaction value still remained unknown, according to a financing record recently exposed by Qichacha. If the news was officially confirmed, AIWAYS will be allowed to produce vehicles using JMC’s manufacturing qualification and car capacity. Founded in 2016, AIWAYS boasts such technical products as the MAS smart car platform, the new-generation integrated electric drive system, high energy density battery, the ultra-high strength steel structure (namely, upper steel and lower aluminum body structure), the new generation of ESP9.3 IBOOSTER System that supports Level 4 autopilot as well as the unique endurance energy battery pack. Based on the platform, the wheelbase can be flexibly adjusted to meet the horizontal and vertical modification of its auto body.