The future appeared bright for Shanghai electric vehicle start-up Aiways when it was founded in 2017. Led by former Volvo and state auto executives, the company counted tech giant Tencent, ride-hailing group DiDi and battery champion CATL among its investors.
But six years later, Aiways has never been profitable, suspended production at a key factory, and is struggling to pay its staff and sell its vehicles.
“We have been pushed into a dead end, only hoping the government can return justice to us,” employees wrote in an August letter shared with the Financial Times, asking officials to start bankruptcy proceedings and for the company to pay them outstanding wages.
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