HANGZHOU, China, June 27,
2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ:
JZXN; the "Company"), a leading new energy vehicle (NEV) dealership
group under the brand name "Jiuzi" in China, today announced that its operating
entity, Hangzhou Zhitongche Technology Limited ("Zhitongche"), has
entered into a Letter of Intent (the "LOI") with Kunshan Baoneng
Auto Sales Co., Ltd ("Kunshan Baoneng"), the subsidiary of Baoneng
Auto Group Ltd. ("Baoneng Auto").
Pursuant to the LOI, Zhitongche intends to distribute Baoneng
Auto's "Youbaoli" brand electric cars in Zhejiang Province and enjoys supplies at
priority in all major cities of Zhejiang, including Hangzhou, Ningbo, Wenzhou, Jiaxing, Huzhou, Shaoxing,
Jinhua, Quzhou, Zhoushan, Taizhou, and Lishui. The parties expect
to enter into definitive agreement in September 2022.
Baoneng Auto was established in 2017 by Baoneng Investment Group
("Baoneng Group"), a well-known Chinese property and finance
conglomerate. Baoneng Group entered the automotive industry aiming
to develop new energy vehicles. This strategic move was made in the
context of the Chinese government's steady support for the
development of NEV and the rapid growth of the NEV market in
China.
"We look forward to becoming Baoneng Auto's regional
distribution partner," said Mr. Shuibo Zhang, CEO of Jiuzi
Holdings, Inc. "As China's leading NEV dealership group, Jiuzi not
only has accumulated extensive experience in the retail field of
new energy vehicle but also can provide an integrated solution in
terminal sales management and supply chain management. We are
delighted to witness that the Jiuzi brand has been recognized by
over twenty NEV manufacturers, including Lingbox, Tongjia, Ruichi,
Enovat, Letin, Pocco, Wuling Hongguang, Weltmeister, Sunra, Chery,
HYCAN, Dongfeng EV, Nezha, Toyota Alpha, BAIC, BYD, GAC Trumpchi,
Geely, and etc. Baoneng Auto will expand our brand portfolio and
enhance our supply chain."
Mr. Qi Zhang, COO of Jiuzi Holdings, Inc., commented, "According
to the statistics released by the China Passenger Car Association
(CPCA), in the first quarter of 2022, the total sales of A0 class
EV (mini passenger car) and A00 class EV (small passenger car) were
297,000 units or 27.8% of the total NEV market. Youbaoli brand
targets the budget car consumers in 3rd- 4th-
5th tier cities that fit Jiuzi's nationwide footprint.
We are confident that Jiuzi will be one of the best distribution
partners of Baoneng Auto, and we expect to expand our cooperation
to other provinces in China."
About Jiuzi Holdings, Inc.
Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017,
franchises and operates retail stores under the brand name "Jiuzi"
to sell New Energy Vehicles ("NEVs") in third and fourth-tier
cities in China. The Company
mainly sells battery-operated electric vehicles and sources NEVs
through more than twenty NEV manufacturers. It has 31 operating
franchise stores and one company-owned store. For more information,
visit the Company's website at http://www.zjjzxny.cn/.
Forward-Looking Statements
All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties. They
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy,
and financial needs, including the expectation that the Offering
will be completed. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent events,
circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct. The Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and its
other filings with the SEC.
For more information, please contact:
Stephen Tong
Email: jiuzi@mana-ir.com
Phone:+86 139 0121 0656
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SOURCE Jiuzi Holdings, Inc.