Shanghai based Aiways has signed a memorandum of understanding (MoU) with local vehicle distributor, Prime Automobile, to distribute the all-electric U5 SUV in South Korea from next year.
South Korea will be the first overseas market outside of Europe.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Under the terms of the MoU, Prime Automobile will market and sell the U5 directly to consumers or via its authorised dealers and will take responsibility for building the brand in South Korea as well as maintaining an ongoing relationship with buyers. Customers in South Korea will have the option of buying or leasing the U5.
Alexander Klose, Executive VP overseas operation at Aiways, said: "We're very excited to have agreed this partnership with Prime Automobile in a strong overseas market and new sales territory. We believe the U5 has global appeal and this move into South Korea is just the beginning of our ambitious international growth plan."
Prime Automobile begins distribution in South Korea will in 2020 after the U5 goes on sale in China in December 2019.
The U5 is a mid-size SUV claimed to offer style, premium build quality and 503km battery range (NEDC).
