On May 4th, Wulong Electric Vehicle (Group) Co., Ltd. (hereinafter referred to as Wulong Electric Vehicle, Wulong or Company, together with its subsidiaries) announced that the group will be in line with internationally renowned commercial electric vehicle manufacturer SmithElectricVehiclesCorp.(SMITH) The United States established a joint venture company (JV) and entered into a patent technology licensing agreement with JV, which fully utilized the Group's electric vehicle design and combined with the technology and sales network of SMITH to accelerate the development of the Group's brands and products in the US market.
The Group will inject JV into the Group's own exclusive use of passenger buses, medium-sized buses, commercial vehicles and light goods vehicles (for US$30 million) and US$15 million in cash to subscribe for its shares; and SMITH will also inject all of them into JV. US exclusive patent for electric vehicle related technology and all its customer base ($40 million). In addition, JV will sign an exclusive electric vehicle assembly kit (SKD) and battery purchase agreement with the group, and sign an exclusive contract assembly production supply agreement with SMITH, and commission SMITH to produce electric with the group's electric vehicle assembly kit (SKD) and battery. car.
In the second phase, SMITH will distribute all JV shares (accounting for 47.06% of JV's equity) obtained under the agreement to its shareholders. In addition, JV will raise an additional US$20 million in the market. Upon completion of all the transactions, the Group will become the single largest shareholder of JV (holding approximately 45.45% of the issued share capital of JV).
According to the electric vehicle assembly kit purchase agreement, the required electric vehicle assembly kits for JV in 2016, 2017 and 2018 are 3,000, 5,000 and 10,000 sets respectively. The related demand will strengthen the Group's electric vehicle assembly kit (SKD) and battery sales. The benefits brought. SMITH is the leading manufacturer of zero-emission all-electric medium-duty commercial vehicles in the United States. Its sales network and after-sales service are mature. Customers include Pepsi-Cola, FedEx and Coca-Cola. SMITH has also accumulated a wealth of experience and data to develop patented technologies such as battery management systems, automotive drive and control systems, and in-vehicle networks. However, to expand its business scale, SMITH needs a long-term, stable and cost-effective business electric vehicle supply platform in the US market, such as the Group's original electric vehicle design and production capacity.
Upon completion of the transaction, JV will become an electric vehicle seller with a complete electric vehicle design, high-quality electric vehicle assembly kit (SKD) and battery, advanced electric vehicle software technology and internationally renowned customer base. In the future, JV will sell electric vehicles to well-known customers using models designed by Wulong, as well as electric vehicle assembly kits (SKD) and power batteries produced by Wulong. The Group's electric vehicle products will be internationally renowned brands. Widely used in overseas markets, this move not only enhances the brand awareness of Wulong, but also proves that the electric vehicle products produced by Wulong have reached the international level of high quality.
The establishment of a joint venture will not only enhance the design and development capabilities of Wulong's electric vehicles, but also benefit the Group's existing sales network and software technology to increase Wulong's competitive advantage in developing the electric vehicle business and increase the cost of the products. Benefit, safety and quality. The joint venture will strengthen the close cooperation between Wulong and the SMITH technical team, which will help create stronger synergies for the Group's future development.
Mr. Cao Zhong, Chairman and Chief Executive Officer of Wulong Electric Vehicle (Group) Co., Ltd. stated that the Group has established a joint venture with SMITH to include the vehicle design, electric vehicle assembly kit (SKD) and battery. It will be promoted to the US market and will be widely used in the fleet of internationally renowned blue chip customers to accelerate the expansion of the Group's brand and products to the US and international markets. At the same time, the light asset business model of the joint venture can utilize the existing assets of the Group and SMITH, so its shareholders have less capital commitment and enjoy greater advantages in expanding their international business and grasping the ever-increasing demand of the electric vehicle market. This will bring more sales to the group.
SMITH Chief Executive Bryan Hansel also said: We believe that the market is now gradually accepting commercial electric vehicles. We have also seen the development trend of the electric vehicle market, which has gradually shifted from the research and development stage to the commercialization stage. We believe that the formation of joint ventures will accelerate the development of new technology platforms. The joint venture company will provide complete fleet electrification through the use of Wulong's commercial pure electric vehicle design and its annual production capacity of 100,000 electric vehicle production bases, as well as SMITH's more than 12 million miles of commercial vehicle experience. solution.
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