Shanghai (ZXZC)- China's EV startup AIWAYS has got RMB1 billion worth of investment, which is backed by a fund entity named Shangrao Mingchi New Energy Innovative Center (Limited Partnership) (hereinafter referred to as Mingchi Fund or targeted fund), a source familiar with the event said on condition of anonymity.

Found on March 7, 2019 and involving a registered capital of RMB1 billion, Mingchi Fund has two major shareholders—Shangrao Binjiang Investment Co.,Ltd and Jiangxi Development & Upgrade Guidance Fund (Limited Partnership)—who held 60% and 30% equity Mingchi Fund respectively, according to a record from Qichacha, a Chinese enterprise data search platform.

On May 9, JXCT Funds, an investment entity under the umbrella of Jiangxi Provincial Government, announced that Jiangxi Development & Upgrade Guidance Fund has already plowed RMB3 billion in Mingchi Fund, which was in tune with its ownership in Mingchi.

It is reported that the targeted fund is designed to support AIWAYS development programs, including the construction of its Shangrao-based plant, workshops and assembly lines with annual capacity totaling 300,000 NEVs, the R&D over new models and the deployment of sales and experience outlets across China.

(AIWAYS U5, photo source: official website of AIWAYS)

AIWAYS has so far closed two financing rounds—Pre-A and A rounds, among which the Series A funding round raised RMB7 billion for the startup.

AIWAYS is said to acquire stakes in Jiangling Motors Co., Ltd. (JMC), while the detail transaction value still remained unknown, according to a financing record recently exposed by Qichacha. If the news was officially confirmed, AIWAYS will be allowed to produce vehicles using JMC’s manufacturing qualification and car capacity.

Founded in 2016, AIWAYS boasts such technical products as the MAS smart car platform, the new-generation integrated electric drive system, high energy density battery, the ultra-high strength steel structure (namely, upper steel and lower aluminum body structure), the new generation of ESP9.3 IBOOSTER System that supports Level 4 autopilot as well as the unique endurance energy battery pack.

According to the startup's introduction, the MAS platform supports multi-profile spectrum development with the same architecture. Based on the platform, the wheelbase can be flexibly adjusted to meet the horizontal and vertical modification of its auto body.

The MAS-based AIWAYS U5, the startup's first mass-produced model, is scheduled to go on sale at the end of this year and enter Europe’s market in 2020.