Benzinga | Aug 11, 2021 05:40PM EDT

Chinese EV Firm Aiways Targets US IPO: Bloomberg

* Shanghai EV startup, Aichi Automobile Co, also known as Aiways, is looking to raise around $300 million via a U.S. initial public offering, Bloomberg reports.

* The company, which has its European headquarters in Munich, sought funding from investors, including ride-hailing giant DiDi Global Inc (NYSE:DIDI), to expand globally in a transaction that may have valued Aiways at over $2 billion.

* Aiways has a manufacturing base in Shangrao, China. It has an initial annual production capacity of 150,000 cars.

* The automaker's SUV, known as the Aiways U5 and currently available only in Germany, takes 35 minutes to charge to 80% from 20% and can travel over 400 kilometers (250 miles) with one full charge.

* This week, Aiways said it would supply Finn auto, a car subscription company, with at least 500 Aiways vehicles.

* The Aiways U6 will be available in European markets in 2022.

* EV adoption is likely to steeply accelerate in the coming years, specifically in Germany and China.

* Price Action: DIDI shares closed lower by 3.71% at $8.83 on Wednesday.