AIWAYS

About AIWAYS

Aiways is a manufacturer of AI-powered electric vehicles, established in Shanghai, China, in 2017. The company was founded by entrepreneurs Samuel Fu (Fu Qiang) and Gary Gu (Gu Feng), who aimed to develop a range of electric SUVs from the ground up. Aiways operates in the business-to-consumer (B2C) segment of the automotive technology market, focusing on making electric driving accessible and affordable.

The company's strategic focus has shifted towards overseas markets, particularly Europe, following intense price competition in its domestic Chinese market. This strategic pivot includes a planned public listing on the Nasdaq via a merger with a Special Purpose Acquisition Company (SPAC), Hudson Acquisition, to secure capital for its European expansion. The business model in Europe is centered around a direct-to-customer sales approach, utilizing online platforms for research, configuration, and ordering. This is complemented by leasing options and partnerships with established retailers, such as electronics chain Euronics in Germany, for physical showrooms and test drives. Aftersales service is handled through a network of trained local specialists rather than a proprietary dealer network.

Aiways' main production facility is a highly automated, Industry 4.0 plant in Shangrao, China, with a potential annual capacity of 300,000 vehicles. The company also operates an R&D and design center in Shanghai and a battery factory in Changshu, where it produces its patented 'sandwich' structure battery pack. This battery design improves thermal management and safety by separating cooling and battery module areas. Since its founding, Aiways has raised a total of $486 million over six funding rounds, with investors including Didi and Contemporary Amperex Technology (CATL).

The company's first production vehicle is the U5, a fully electric compact crossover SUV that launched in 2019. The U5 is built on Aiways' proprietary More Adaptable Structure (MAS) platform and features a 60-63 kWh battery. It offers a real-world range of approximately 315 km, can accelerate from 0-100 km/h in 7.5 seconds, and supports DC fast charging that can replenish the battery from 10% to 80% in about 34 minutes. The vehicle is equipped with a suite of Advanced Driver Assistance Systems (ADAS) and a 12.3-inch infotainment screen. Following the U5, Aiways launched the U6, a sportier SUV-Coupé, as its second model. The company has announced plans to introduce one new model per year in Europe and expand its portfolio to include smaller vehicles and vans.