- Jiuzi Holdings (NASDAQ:JZXN) stated Tuesday that its subsidiary Hangzhou Jiuyao has signed an equity agreement to acquire 72.05% stakes in automobile sales service shop operator- Huizhou Jiwo- from China's automaker Geely Auto subsidiary.
- The company that is being acquires is a sole authorized dealer for Geely Auto's popular electric vehicle "Geometry" in Huizhou city, Guangdong province.
- Geometry, operating as pure electric vehicle sub-brand, is focused on the manufacturing of sedans and SUV models.
- "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. 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," commented Shuibo Zhang, CEO of Jiuzi Holdings.
- Earlier (Mar. 29): Jiuzi signs strategic cooperation deal with Skywell Automobile