Aiways in financial straits

The Chinese electric car manufacturer Aiways is apparently in financial difficulties. According to Chinese media, vehicle production at the Aiways plant in Shangrao in Jiangxi province has been suspended since February because neither suppliers nor employees were paid.

The main investor Chen Xuanlin had invested several hundred million US dollars in Aiways at the beginning of last year in order to save his previous investments despite the poor sales figures. But in the meantime, he is said to have either run out of money or lost interest.

A source close to Aiways told the German publication Elektroauto-News.net that there will be a “change of investors, which – admittedly – will take some time”. That is why production is currently at a standstill. “But we assume that this will be decided within the next few weeks and that production will resume as soon as possible,” the source is quoted as saying. Aiways’ European business is “not affected by this, we are just waiting for cars as well”.

caixinglobal.com (paywall), elektroauto-news.net (in German)