Jiuzi to acquire 72.05% equity stake in Huizhou Jiwo
Jiuzi Holdings, Inc. announced that the Company, through its subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd., has entered into an equity acquisition agreement to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co. Ltd., from Guangdong Huarui Automobile Sales Service.
April 27, 2022. By News Bureau
Jiuzi Holdings, Inc. announced that the Company, through its subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd., has entered into an equity acquisition agreement to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co. Ltd., from Guangdong Huarui Automobile Sales Service Co., Ltd.
Geometry is Geely Auto Group's independent pure electric vehicle (EV) sub-brand that focuses on the manufacture of sedans and SUVs. Launched in 2019, Geometry unveiled its latest SUV model EX3 in September 2021.
This model is powered by liquid-cooled battery and can sustain a range of 322 km.
Pursuant to the Agreement, Hangzhou Jiuyao will acquire 72.05% equity interest in the Target and will make an investment into the Target's registered capital upon completion of the transaction under the requirement of China's commercial policies.
The Target is the sole authorized dealer for Geometry EVs in Huizhou city, Guangdong province. It is also a repair center for vehicles participating in online hailing services, and provides integrated auto services such as EV sales and after-sale maintenance.
The Target sold more than 1,000 units of EVs in 2021.
Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: "This acquisition is an important strategic milestone for our Company. The addition of the high-end EV brand Geometry of Geely Auto Group furthers our multi-brand strategy and achieve another major advancement by upgrading our competitiveness and securing sustainable development in the future. It will also drive our continuous business growth in the new fiscal year. Furthermore, since Geometry could potentially achieve over 1,000 unit sales, we are confident that the model will contribute significantly to our annual sales in 2022. Notably, it also marks a meaningful step for our Company in penetrating the southern China market."
"As competition becomes increasingly fierce in the new energy vehicle market, JZXN will continue to innovate, forge ahead, improve our competitive strength, and manifest our brand's core value through forward-looking strategic planning, in order to build a first-class smart trading platform for new energy vehicles and to provide consumers with a premium green travel experience."
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