AIWAYS seeks to go public on STAR Market in 2021

Shanghai (Gasgoo)- Chinese EV startup AIWAYS is seeking to go public on the technology-focused science and technology innovation board (STAR Market) in the second half of 2021, according to a local media outlet.

Responding to a request for comment, Fu Qiang, co-founder and president of AIWAYS, confirmed the market listing plan. “The sponsors have been basically firmed up, while the contract has not been signed yet,” he revealed.

AIWAYS U5; photo credit: AIWAYS

The scheme is still on the anvil and any substantial progress had not been made yet, according to a person with direct knowledge. Once the plan is defined, the startup will disclose relevant information then.

Founded in February 2017, AIWAYS has so far raised over 7 billion yuan ($1,042,349,000) from its angle round, pre-A founding round, series A and B rounds,

At the Chengdu Motor Show 2020, Fu Qiang revealed that AIWAYS was working on its fifth round of financing and had made headway. However, the company hasn't released any update to date.

According to some local reports, AIWAYS is modifying the assembly lines at its new energy vehicle (NEV) plant in Shangrao, Jiangxi province, in a bid to produce the AIWAYS U6 all-electric SUV, the company's second mass-produced model. With an annual capacity of 150,000 vehicles, the Shangrao plant is able to achieve 90% process automation.

The startup currently has one production model, the AIWAYS U5, available for sale. At this year's Chengdu Motor Show, AIWAYS offered the first glimpse of the U6 ion concept full-electric SUV, which features a NEDC-rated range of over 500km.