ATIF Holdings Ltd (ATIF)

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“8:09a ET 10/24/2022 - Benzinga
ATIF's Investment In Mexican EV Company Solarever Announces Launch Of SEV E-WAN

TIF Holdings Limited (NASDAQ:ATIF) (the "Company," or "ATIF"), a holding company providing business and financial consulting services in Asia and North America, whose IPO advisory services client Solarever Ltd.("Solarever") the Mexican renewable energy company, held a major local launch event last week to announce the official debut of the E-WAN electric vehicle model under its SEV brand. The SEV branded stores will soon be available in dozens of cities in Mexico, with the first deliveries to pre-ordered customers scheduled for December 1, 2023. The Company signed an agreement with Solarever in April 2022 to provide IPO advisory services to Solarever. Meanwhile, the Company holds a 5.25% equity interest in Solarever.

Solarever has vast local resources in Mexico. On the launching day, major figures from the local political and business community were invited and witness the launch of E-WAN.

The SEV E-WAN is a futuristic, ultra-compact hatchback for urban driving with a range of up to 350 km and a speed of up to 110 km/h. In response to the democratization of electric vehicles, E-WAN hit the market directly with its price, the base model for only 299,900.00 Mexican pesos. The first deliveries of E-WAN are scheduled on December 1, 2023, with at least 18,000 units to be delivered in 2023.

SEV also plans to build a whole electric ecology of renewable biochemistry. SEV brand stores is expected to provide not only branded electric vehicles and charging piles, but also solar power generation systems, energy storage systems, and in the future, energy internet services.

Solarever, invested by the Company, has two high-profile businesses - electric vehicles and photovoltaic (PV) modules. At Intersolar Mexico 2022 in mid-September, SEV has signed cooperation agreements with several well-known Mexican automobile distributors to open brand stores in more than a dozen cities in Mexico; Solarever also stated that it has received huge orders from North America due to strong demand for its U.S. PV modules and energy storage products due to the impact of IRA Act.

Alongside its fast-paced market launch of electric vehicles, Solarever is also extending the group's business chain. In mid-September, Solarever joined forces with the Mexican state of Jalisco to announce that Solarever will invest $1 billion over the next four years to build a plant in the Logistics Center of Zacoalco de Torres, for the production of photocells, panels, batteries and renewable energy vehicle manufacturing. The plant is planned to be a complete industrial warehouse and create up to 3,000 jobs for the state of Jalisco.

Jun Liu, President, Chairman of the Board, and CEO of ATIF, commented, "We warmly congratulate the official launch of E-WAN! We believe that SEV electric vehicles will soon seize the Mexican market and cover the local streets. Solarever has been deeply involved in the renewable energy industry for years, and we are impressed by its efficient product development capability and huge sales potential, as well as its in-depth layout and rapid development in the new energy business chain. Solarever has great potential for growth and we believe it will become another high quality customer and portfolio investment for us, which is significant for our company and our shareholders."

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