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Startup AIWAYS becomes majority shareholder of Changan, JMCG’s joint venture

CJ From Gasgoo| July 30 , 2019

Shanghai (Gasgoo)- Chinese EV startup AIWAYS has become the majority shareholder of Jiangling Motors Holding Co.,Ltd, which was previously 50/50 owned by Jiangling Motors Co., Group (JMCG) and Chongqing Changan Automobile Co., Ltd (Changan Automobile), according to a change record revealed by TianYanCha, a Chinese company information search platform.  

The records showed that the shareholder number of Jiangling Motors Holding was increased to three--AIWAYS, JMCG and Changan Automobile. The newcomer AIWAYS subscribes capital contribution amounting to RMB1 billion, while both JMCG and Changan Automobile subscribe RMB500 million.

Besides, registered capital of Jiangling Motors Holding was doubled to RMB2 billion from RMB1 billion. Xu Jun, co-president of AIWAYS, serves as the legal representative of the joint venture, replacing Zhang Baolin, chairman of Changan Automobile.

AIWAYS Jiangling Motors Holding, Changan JMCG joint venture, China automotive news

(Photo source: JMCG)

The aforesaid changes signified that the startup has officially obtained the car manufacturing qualification of Jiangling Motors Holding.

The “R&D, production and sales of new energy vehicles” was added into Jiangling Motors Holding's business scope, according to TianYanCha.

Changan Automobile announced in June that AIWAYS was ready to plow RMB1,746.6021 million in Jiangling Motors Holding, of which RMB1 billion would be included in the registered capital, while RMB746.6021 million would be added into capital reserves.

The automaker AIWAYS invested in is somewhat different from the 50:50 joint venture founded by JMCG and Changan Automobile on 2004. The original “Jiangling Motors Holding” has been divided into two companies in the form of continuous-existence separate establishment, according to a statement released by Changan Automobile on July 27. The surviving company is the current “Jiangling Motors Holding” that is 50%-held by AIWAYS now.

AIWAYS Jiangling Motors Holding, Changan JMCG joint venture, China automotive news

(Photo source: AIWAYS)

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.

According to the startup's introduction, the MAS platform supports multi-profile spectrum development with the same architecture. Based on the platform, the wheelbase can be flexibly adjusted to meet the horizontal and vertical modification of its auto body.

The MAS-based AIWAYS U5, the startup's first mass-produced model, is scheduled to hit the market this year.

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