Chinese EV Firm Aiways Targets US IPO: Bloomberg

Shanghai EV startup, Aichi Automobile Co, also known as Aiways, is looking to raise around $300 million via a U.S. initial public offering, Bloomberg reports.
The company, which has its European headquarters in Munich, sought funding from investors, including ride-hailing giant DiDi Global Inc DIDI, to expand globally in a transaction that may have valued Aiways at over $2 billion.
Aiways has a manufacturing base in Shangrao, China. It has an initial annual production capacity of 150,000 cars.
The automaker’s SUV, known as the Aiways U5 and currently available only in Germany, takes 35 minutes to charge to 80% from 20% and can travel over 400 kilometers (250 miles) with one full charge.
This week, Aiways said it would supply Finn auto, a car subscription company, with at least 500 Aiways vehicles.
The Aiways U6 will be available in European markets in 2022.
EV adoption is likely to steeply accelerate in the coming years, specifically in Germany and China.
Price Action: DIDI shares closed lower by 3.71% at $8.83 on Wednesday.