Chinese EV Firm Aiways Targets US IPO: Bloomberg

  • Shanghai EV startup, Aichi Automobile Co, also known as Aiways, is looking to raise around $300 million via a U.S. initial public offering, Bloomberg reports
  • The company, which has its European headquarters in Munich, sought funding from investors, including ride-hailing giant DiDi Global Inc DIDI, to expand globally in a transaction that may have valued Aiways at over $2 billion.
  • Aiways has a manufacturing base in Shangrao, China. It has an initial annual production capacity of 150,000 cars.
  • The automaker’s SUV, known as the Aiways U5 and currently available only in Germany, takes 35 minutes to charge to 80% from 20% and can travel over 400 kilometers (250 miles) with one full charge.
  • This week, Aiways said it would supply Finn auto, a car subscription company, with at least 500 Aiways vehicles. 
  • The Aiways U6 will be available in European markets in 2022.
  • EV adoption is likely to steeply accelerate in the coming years, specifically in Germany and China.
  • Price Action: DIDI shares closed lower by 3.71% at $8.83 on Wednesday.

Posted In: BloombergBriefsElectric VehicleEVsNewsIPOsTechMedia

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