By LIU Zeran
EV maker Aiways Automotive is deep in trouble. Entangled in a mess of unpaid wages, overdue rents and factory shutdowns, the company's travails are now being blamed on the collapse of an investment firm associated with the former chairman of Aiways, CHEN Xuanlin.
Founded in 2017, Aiways attracted investments from CATL and Didi Chuxing, accumulating over 10 billion yuan (US$1.4 billion) in funding. At the end of 2021, Chen's Dongbai Group acquired Aiways, with Chen assuming the role of chairman and legal representative. By the end of 2022, Chen Xuanlin had resigned as Aiways' legal representative and chairman. He is currently listed as a debtor.
Both Aiways' sales figures and financial standing have been less than satisfactory. Sales figures for 2020 and 2021 hovered around 3,000, with a massive 92 EVs sold in the first three months of this year.
Trouble began for Aiways as early as March of last year when some salaries went unpaid and contracts were disputed. In November, a huge order arrived from Thailand, saving the company's skin.
Aiways is just the latest EV startup to be running down. WM and Hengchi have both recently ceased or heavily curtailed production.
