HANGZHOU, China, Feb. 28,
2023 /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 subsidiary,
Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd.
("Jiuyao") has entered into an extension agreement ("Extension
Agreement") with Chongqing Dongfeng Fengon Automobiles Sales Co.,
Ltd. ("Chongqing Fengon"), a subsidiary of Dongfeng Sokon Motor
Co., Ltd. ("DFSK Motor").
Pursuant to a purchase agreement ("Purchase Agreement") signed
by Jiuyao and Chongqing Fengon dated August
2, 2022, Jiuyao would purchase 5,000 micro electric
passenger cars customized for Jiuyao ("Jiuyao Mini EV") from
Chongqing Fengon by December 28,
2022. However, due to the impact of the Covid-19 outbreak in
China, delivery and sales fell
behind the schedule. Considering mutual interest, the two parties
have agreed to extend the original purchase deadline for six
months, or, from December 28, 2022 to
June 30, 2023. Under the Extension
Agreement, the two parties have also agreed that the Purchase
Agreement will include the trade of Jiuyao MPV, which was launched
in October 2022.
Jiuyao MPV is custom-made vehicle based on Dongfeng Fengon's MPV
model "Fengon 380." The customized version has an extra-large space
of 5 cubic meters. It is equipped with BYD's superior blade
battery, enabling Jiuyao MPV's CLTC, or the China Light-Duty
Vehicle Test Cycle to range up to 310km. Since Jiuyao MPV has
gained considerable accolades from the market, the Company plans to
further launch an upgraded version in the first half of 2023. The
new version will be installed with an extended-range battery, which
allows the CLTC range to increase to 351km. Meanwhile, the battery
can also be swapped so that Jiuyao MPV owners can change out dead
or dying batteries for fully charged ones in a matter of
minutes.
"We are pleased to see that we have extended the contract with
Fengon. It is an important recognition of Jiuzi's industry position
and brand image in the domestic new energy vehicle retail market,"
said Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc. "We are
impressed with Fengon's state-of-the-art technology, strong middle
platform and back-office service capabilities. The success of our
two custom-made models will strengthen our confidence to implement
our new strategy to play a key role in connecting the automakers
and the traditional car dealerships."
About Dongfeng Fengon
Dongfeng Fengon ("Fengguang") is a passenger car sub-brand under
Dongfeng Sokon Motor Co., Ltd. ("DFSK Motor"). It is committed to
building a passenger car brand with all categories of MPVs and
SUVs. It currently has six SUV models: Fengon 500, Fengon 580 Red
Star Edition, Fengon 580 Pro, Fengon ix5, Fengon ix7 and Fengon
S560, as well as three MPV models, Fengon 330, Fengon 330S and
Fengon 380. For more information, visit Fengguang's website at
https://www.dffengguang.com.cn.
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 51 operating
franchise stores and one company-owned store. For more information,
visit the Company's website at http://www.zjjzxn.com .
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
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SOURCE Jiuzi Holdings, Inc.