Electrified by Tesla, Chinese startups are on the charge

By Norihiko Shirouzu



a car parked in a room: AIWAYS U5 electric car is displayed at company's store in Shanghai


© Reuters/ALY SONG
AIWAYS U5 electric car is displayed at company’s store in Shanghai

BEIJING (Reuters) – China’s electric vehicle startups are on the charge again, thanks to Tesla.

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The country’s growing fascination with the U.S. pioneer’s sleek designs and cutting-edge technology is giving a string of second-wave home-grown Tesla wannabes the traction to raise more funding, expand production and boost sales.

Chinese EV startups NIO, XPeng Inc, Li Auto and WM Motor have raised more than $8 billion between them this year and now rival Aiways is planning to go public, its co-founder and President Fu Qiang told Reuters.

Speaking ahead of the Beijing auto show which starts on Saturday, Fu said the relative success of U.S. initial public offerings (IPO) by XPeng and Li Auto had helped fuel the company’s ambitions to list.

Since it was founded in 2017 in Shanghai, Aiways has

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