Aiways had emerged as one of the very first Chinese brands in Europe. However, financial headwinds have raised pressing questions about its future. Aiways now plans to secure its future through a major overhaul and a focus on bringing electric vehicles to market outside of China.
Aiways, a young company in the world of electric car manufacturers, is undergoing serious turbulence. Founded in 2017, this Chinese brand had made a remarkable entry into Europe in 2020. But after months of financial difficulties, what is the future of Aiways?
A meteoric rise followed by an unexpected fall
Available in France for a few years, Aiways has won over its first customers with its U5 model. And while the launch of the Aiways U6 is scheduled for 2023, alarming news has emanated from the cradle of the brand. The temporary suspension of all its activities in China has brought to light significant financial difficulties.
The heart of the problem? A change at the head of the company. A major change of investor, resulting in a major restructuring phase. The rumors quickly turned into confirmations, with Aiways admitting the problems in China.
An internationally-focused recovery plan
Faced with this turbulence, Aiways has decided to make a major strategic change: focus on international sales outside China. This new direction seems sensible given the fierce competition in China’s electric vehicle market.
And to drive this transformation, the brand has announced the appointment of Hugo Zhu as CEO. His mission ? To lead Aiways through these profound structural changes and achieve sustainable viability in the international electric car market. Hugo Zhu’s vision revolves around two pillars: empowering employees and creating an agile and responsive work environment. Samuel Fu, the founder of Aiways, will remain at the forefront, actively supporting management during this transitional period.
By opting to focus on markets outside China, Aiways hopes not only to avoid the clutches of local competition, which is very strong in China, but also to establish a solid presence in growing international markets. This restructuring, although difficult, could well be the key to salvation for the Chinese manufacturer.
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