Shanghai (ZXZC)- Chinese EV startup AIWAYS recently introduced a new investor, which is a wholly-owned subsidiary of the power battery giant CATL. According to the corporate data platform Tianyancha, the new shareholder acquired 0.35506% equity interests in AIWAYS by injecting 3,081,550 yuan ($476,940) in the latter's registered capital.

Additionally, CATL and AIWAYS will team up on the R&D of the next-generation power batteries, according to a local media outlet, citing a person briefed on this matter.

AIWAYS U6; photo credit: AIWAYS

CATL has been serving a main battery supplier of AIWAYS. Quite high proportions of AIWAYS' vehicles sold in the domestic market and all vehicles exported to overseas markets are equipped with CATL's batteries.

Aside from the cooperation on power battery, both parties will also carry out the in-depth collaboration on such businesses as battery recycling and sharing of the battery data for overseas markets, said the person with direct knowledge.

AIWAYS U6; photo credit: AIWAYS

It is also reported that the U6, AIWAYS' second production model set to hit the market in the fourth quarter of 2021, will adopt the high-density CTP (cell-to-pack) battery jointly developed by CATL and AIWAYS. The battery is said to offer a range of over 650km under the NEDC test cycle.

Founded in 2017, AIWAYS has so far raised over 8 billion yuan ($1.239 billion) from six rounds of financing, according to Tianyancha. Chinese ride-hailing giant Didi Chuxing is also among the shareholders of AIWAYS, which produces cars in Shangrao, Jiangxi province and sell them in China and Europe.