JZXN - Jiuzi Holdings to acquire majority stakes in Geely Auto's EV dealer in China

Jiuzi Holdings (NASDAQ:JZXN) stated Tuesday that its subsidiary has 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 is Geely Auto Group's independent pure electric vehicle sub-brand that focuses on the manufacture of sedans and SUVs. "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

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Jiuzi Holdings to acquire majority stakes in Geely Auto's EV dealer in China