Chinese EV maker Aiways is preparing to formally exit its home market and focus its global operations on Europe, with an expansion of its European headquarters in Germany and plans to introduce a new entry-level crossover.
Sources close to Aiways say the major change in the firm's global strategy comes as it gears up to go public with a listing on the Nasdaq stock exchange, via a merger with a special purpose acquisition company (spac) by the end of 2024.
“The centre of Aiways global sales operations will switch to Europe, and more specifically Germany, following the listing. There are no plans to remain in the Chinese market, due to the intense pricing pressure and competition there,” a source told Autocar.
The management structure of Aiways is expected to remain unchanged following the listing, with CEO Hugo Zhu set to drive the company's further development and increased focus on its overseas business activities.
