Aiways, which is a Chinese electric vehicle company, is increasing its market presence in Europe, where electric vehicles were sold in greater numbers than in China last year. Since its inception in 2017, Aiways has followed this strategy as it seeks to expand beyond China’s highly competitive domestic market. In January, the Shanghai-centered pure-play Electric vehicle manufacturer signed distribution agreements with local partners in Belgium and France for its iconic midsize sport-utility automobile, the U5.
Last year, the company struck deals in Germany as well as the Netherlands to capture a piece of Europe’s rising market for electric vehicles. As per data from the Sweden’s EV Volumes.com, EV revenues in Europe increased by 137 percent to about 1.39 million automobiles last year. The number of electric cars which were sold on the continent surpassed that of China, which sold 1.36 million EVs, up 11% year on year.
In an interview with Nikkei Asia, Samuel Fu, co-founder and chairman of Aiways, said, “We look forward to the first advancement of the retail channels in China.” “An increase to more countries as well as regional markets in Europe is also in the works,” Fu stated, without going into specifics.
The U5 model from Aiways was released at the completion of the year 2019, ahead of the U6ion as well as U7ion SUVs. In the year 2020, the company expects to sell over 1,500 electric vehicles in China and export 1,000 more, mostly to Europe.
Against the COVID-19 disease outbreak, Europe has led the world in EV development, aided by government support intended to reduce carbon emissions and increased market share competition among manufacturers.
China, for its side, is once again in the spotlight when it comes to electric vehicles, owing to the fact that it is the globe’s largest single market. In the recent months, technology firms such as Huawei Technologies, Alibaba Group Holding, as well as iPhone assembler Foxconn have joined the fray, partnering with conventional automakers to manufacture electric cars in China.
As per S&P Global Platts, the China’s EV sales could hit 6 million cars, or 20 percent of the total car market, in the year 2025, if Tesla, as well as Chinese pure-play Electric Vehicle startups like Nio, Xpeng, as well as Li Auto, are included. The Aiways factory located in Jiangxi Province will produce 150,000 vehicles per year.
Provided that the firm sold fewer than 5,000 vehicles last year, the warehouse is clearly underutilized. As per company search provider Tianyancha, the company raised $4.2 million from investors the previous month, like Didi Chuxing, which is a ride-sharing service. Aiways’ paid-up capital rose to about 828 million yuan as a result of the capital injection.https://minernews.io/