Aiways was founded by Fu Qian, former China sales chief of Volvo cars.
In August 2019, Aiways acquired a 50 percent stake in Chinese domestic automaker Jiangling Holdings. Jiangling was relaunched as a 50-25-25 three-way partnership with Aiways, Jiangling Motors Corporation Group and Changan Automobile. Aiways paid 1.75 billion yuan ($248 million) acquiring the stake, according to information disclosed by Changan Automobiles. The deal enables Aiways to obtain a license to produce EVs from China regulators and to use Jiangling's auto production plant to increase output.
One of the company's first models, the Aiways U5, was released in November 2018 and has been approved for the EU market.
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