EV startup AIWAYS third round financing elevates valuation to RMB 10 billion

Shanghai (Gasgoo)- The one-year-old electric vehicle (EV) startup AIWAYS has currently completed its third round financing which was led by the strategic investor Shagang Group. Although the startup didn't expose the value of this capital raising, the estimated financing value reached at least RMB 1 billion, according to some insiders with the knowledge of this matter.

Previously, AIWAYS had closed a RMB 12 billion angel round, and then announced that the company accomplished its second round financing within one month. After the third round financing, the startup will enjoy an estimated valuation exceeding RMB 10 billion.

Founded in February 2017, AIWAYS owns two product lines. One is the high-performance electric supercar which currently developed by its German subsidiary Gumpert AIWAYS and the other is the self-developed models based on the MAS platform, including SUVs, hatchbacks and MPVs, etc.

According to local media, the startup's first model, dubbed U5 ION, has been unveiled not long ago. Based on the MAS platform, the U5 ION is a five-seat pure electric SUV that will carry L2 autonomous driving system. The new model will be mass produced in the second half of 2019 and be delivered in the last quarter next year.

Reportedly, the startup's Germany subsidiary Gumpert AIWAYS will showcase a new sportscar, called the Aiways RG, at 2018 Auto China in Beijing later this month. The new model purportedly has a 1,200  km range and a top speed of 300 kph.