Addentax Group Corp. Entered into a Strategic Cooperation Agreement with AUTO CITY for L4 Autopilot Tech, New Energy Autopilot Vehicles and EV Charging Research and Manufacturing
Pursuant to the Agreement, the two parties will work together on the development autonomous driving technology project, including but not limited to marketing, research and development, production, and application of new energy autonomous clean vehicles, as well as R&D and applications of automatic charging and battery technology. Additionally, Addentax and Auto City are in deliberations with other industry frontrunners in the new energy vehicle, electric vehicle ("EV") battery and autopilot arenas to foster technology and application partnerships. The shared objective of the parties is to drive project developments and applications of leading-edge autonomous driving technology and new energy battery technology initially in the
Auto City is a cutting-edge technology company focusing on the R&D, production, and application of advanced autonomous vehicles. It boasts deep-rooted involvement in the digital city service sector, reinforced by an AI intelligence management platform. Auto City addresses the traditional city service industry's challenges head-on, fostering safer, smarter, and environmentally-friendly digital city solutions. Auto City's elite R&D team comprises alumni from prestigious universities such as Massachusetts Institute of Technology, University of
Addentax has expressed a prospective interest in becoming a major shareholder in Auto City. The parties plan to intensify its collaborations, focusing on the further evolution of L4 Autopilot technology, R&D of new energy clean vehicles, and associated auto charging/battery technology research and applications.
Addentax is excited to announce this cooperation. The cooperation with Auto City represents an exciting chapter for Addentax. This strategic cooperation marks a pivotal step for Addentax as it seeks to expand its business footprint and diversify its revenue streams into AI autopilot, electric vehicle and EV battery areas. In line with its strategic goal to consolidate and grow its existing business portfolio, Addentax is eager to seize opportunities in emerging industries to strengthen its revenue streams. With Auto City's expertise in the autonomous driving field, Addentax anticipates that this partnership will catalyze its expansion and further elevate shareholders' value.
About Addentax Group Corp.
Addentax Group Corp. is an integrated service provider specializing in garment manufacturing, logistics services, property management, subleasing, and epidemic prevention supplies. Its apparel manufacturing business includes sales to wholesalers and is based in
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Company Contact:
Addentax Group Corp
Phone: + (86) 755 86961 405
Investor Relations Contact:
Sherry Zheng
Weitian Group LLC
1-718-213-7386
shunyu.zheng@weitian-ir.com
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