Shanghai (ZXZC)- China-based EV 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 exposed by Tianyancha on May 23, a Chinese enterprise information data service platform.

If the news was officially confirmed, AIWAYS will be allowed to produce vehicles using JMC’s manufacturing qualification and car capacity. 

The current biggest shareholder of JMC is still Jiangxi Jiangling Holdings Co., Ltd., controlling 41.03% stake, according to Tianyancha. 

Changan Automobile announced on April 3 that its joint venture with Jiangling Motors Co., Group--Jiangling Motor Holding Co.,Ltd--plans to introduce a strategic investor. The announcement didn’t reveal who the new investor is, only said the business scope of the investor and its subsidiaries should extend to cover NEV development and relevant technology R&D, and feature practical R&D experience in NEV domain.

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

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 hit the market this year.