Jiuzi Holdings Inc (JZXN)

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Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with Shaanxi Tongjia Auto Co., Ltd.
8:24 am ET September 29, 2021 (Benzinga) Print
Jiuzi Holdings, Inc. (NASDAQ:JZXN, the ", Company", )), a new energy vehicles franchisor and retailer under the brand name "Jiuzi" in China, today announced that on September 19, 2021, it has entered into a strategic cooperation agreement with Shaanxi Tongjia Auto Co., Ltd. ("Tongjia"), a well-known automobile brand of Shaanxi Automobile Group Co., Ltd.

Pursuant to the agreement, Tongjia will deliver to JZXN 2000 new energy vehicles, including its best-selling electric delivery vehicle, Electric OX II, which will be sold via the Company's retail stores throughout 2021 and 2022. In the early stage, the Company, through its wholly-owned subsidiary Hangzhou Zhitongche Technology Co., Ltd., will provide a loan of RMB20 million to Tongjia's authorized dealers for working capital, which could be gradually increased depending on the actual operations. Both parties will use their resource sharing and respective advantages to jointly create a clean, green, safe and efficient industrial production chain to meet customers' needs in the rapidly growing new energy vehicles industry in China.