MULN - Meet Chijet Motor: The latest Chinese electric vehicle stock listed in the U.S.

2023-06-05 10:51:58 ET

Chijet Motor Company ( NASDAQ: CJET ) soared in early Monday action as the volatile trading on the EV stock continued following the business combination with Jupiter Wellness that closed last week,

Chijet ( CJET ) describes itself as a new energy vehicle group company with main operating entities of Shandong Baoya New Energy Vehicle Co. and its holding subsidiary, FAW Jilin Automobile Co. The Yantai, China-based company says it combines the innovative vitality of new car-making design and engineering forces with mature scale vehicle production capacity, and is committed to building Chijet into a scenario-driven, technology-led and, experience-based, new energy vehicle enterprise with global market operation capability. The overall vision is to provide high quality and cost-effective new energy vehicle products and services to more than 80% of mass consumers in China, as well as in the future to consumers in Southeast Asia, America, GCC and other developing countries, and provide an easy and pleasant driving experience to general consumers in the intelligent era.

Chijet ( CJET ) expects to launch of the FB77 in the next few years. The model is being set up to be a cost-effective pure electric sedan. Chijet ( CJET ) is also developing the R9 PHEV hybrid SUV. Chijet's ( CJET ) plans include development of more than a dozen new products including its FV20, FB21 and FB31 vehicles, among others. The EVs will be sold through more than 300 dealerships in China and the rest of Southeast Asia. Currently, Chijet ( CJET ) produces a variety of models through its Chinese subsidiary FAW Jilin Automobile, including 3 SUV models sold under the Senya brand and 4 light truck models sold under the Jiabao brand. Notably, Chijet partners with FAW Group, one of the "Big Four" auto players in China.

Chijet ( CJET ) jumped 79% in early trading on Monday to $6.80 after dropping to below $4 last week. The market cap on Chijet ( CJET ) is over $55M, which puts it roughly at the same level as Lordstown Motors ( RIDE ), Arrival ( ARVL ), Mullen Automotive ( MULN ), and Electrameccanica Vehicles ( SOLO ) depending on the daily share price swings.

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