High-end electric vehicle manufacturer Changwei Auto went public through SPAC, but has not yet achieved vehicle production and sales

Recently, Changwei New Energy Automobile Co., Ltd. ("Changwei Automobile"), an innovator and manufacturer of high-end electric vehicle technology, successfully went public on the Nasdaq in the United States through a backdoor listing through SPAC Feutune Light Acquisition Corporation (FLFV) with the stock code "AIEV". Although the company has successfully gone public, it has yet to start manufacturing and selling vehicles, nor has it generated any revenue from them. Changwei Automobile was founded in 2011 and is headquartered in Hong Kong. Changwei Automobile has currently established a number of subsidiaries and affiliated companies in mainland China to carry out business operations, mainly concentrated in Ganzhou, Jiangxi. In 2017, Changwei Auto completed its production plant in Guangzhou, and also has factories in Catalonia, Spain, Hangzhou, China and Ganzhou, China. Founder Shen Wei currently has multiple legal cases.