ATIF's Investment in Mexican EV Company Solarever Announces Launch of SEV E-WAN

Rhea-AI Summary

ATIF Holdings Limited (Nasdaq: ATIF) announced the launch of the E-WAN electric vehicle model by its IPO advisory client, Solarever Ltd., a Mexican renewable energy company. The E-WAN, an ultra-compact hatchback, offers a range of 350 km and is priced at 299,900 Mexican pesos. The first deliveries are scheduled for December 1, 2023, with an initial 18,000 units planned. ATIF holds a 5.25% equity interest in Solarever, which is also investing $1 billion over four years in a new manufacturing plant, potentially creating 3,000 jobs in Jalisco.

Positive

• ATIF holds a 5.25% equity interest in Solarever, enhancing its investment portfolio.
• The launch of the E-WAN electric vehicle could lead to strong sales and market penetration in Mexico.
• Solarever's plan to invest $1 billion in a new manufacturing facility may create up to 3,000 jobs, boosting the local economy.

Negative

• None.

IRVINE, Calif., Oct. 24, 2022 /PRNewswire/ --  ATIF 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."

About ATIF Holdings Limited

ATIF Holdings Limited ("ATIF") is a holding group with business consulting, asset management, and investment businesses, with offices in Los Angeles, California, Hong Kong, and Shenzhen, China. ATIF mainly provides IPO Advisory Services to small and medium-sized enterprises in Asia and North America. ATIF has advised several enterprises in China in their plans to become publicly listed in the United States. ATIF was awarded the "Top 10 Best Listed Companies 2019" from the "Golden Bauhinia Award," the highest award in Hong Kong's financial and securities industry. For more information, please visit https://ir.atifchina.com/.

To learn more about IPOEX, our financial services platform, please visit: https://www.ipoex.com/

For more information about NFTDPO, our NFT service division, please visit https://nftdpo.com/.

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Forward-Looking Statements

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients, complete projects for clients, and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company's ability to continue successful development and launch of its NFT collection; the possibility that the Company may not succeed in developing its NFT platform and business due to, among other things, changes in the business environment, competition, changes in governmental regulation, or other economic and policy factors; the ability of the Company to continue compliance with the development of applicable regulatory regulations in connection with blockchain, digital assets and the NFT industry; the possibility that the Company's ongoing NFT services may be adversely affected by other economic, business, and/or competitive factors;  and other factors listed in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.

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SOURCE ATIF Holdings Limited

FAQ

What is the significance of ATIF's investment in Solarever?

ATIF holds a 5.25% equity interest in Solarever, which enhances its investment portfolio and potential returns as the company expands in the electric vehicle market.

When will the E-WAN electric vehicle be available for delivery?

The first deliveries of the E-WAN electric vehicle are scheduled for December 1, 2023.

What are the features of the SEV E-WAN electric vehicle?

The SEV E-WAN is an ultra-compact hatchback with a range of up to 350 km and a top speed of 110 km/h, priced at 299,900 Mexican pesos.

What is Solarever planning to do in Mexico?

Solarever is launching the E-WAN electric vehicle and investing $1 billion to build a manufacturing plant in Jalisco, which will produce photovoltaic modules and batteries.

How will Solarever's investment impact the local economy?

Solarever's investment in the manufacturing plant is expected to create up to 3,000 jobs in the state of Jalisco.