Update: EV Startup Aiways Looks Overseas as Domestic Business Grinds to a Halt, Sources Say

Chinese new-energy vehicle (NEV) startup Aiways Automobiles Co. Ltd. is in talks with potential investors about reviving its business to focus on the overseas market, two company sources told Caixin, as the carmaker confronts fierce competition and slowing sales at home. No concrete plan has been settled yet, the sources said.

The challenging domestic environment has left the firm with a deepening liquidity crunch. Several Aiways employees told Caixin that the Shanghai-based company still has overseas orders for more than 1,000 vehicles this year but can’t continue production due to the tight cashflow.