Chijet Motor Company, Inc.’s Subsidiary Signed Cooperation Agreement with the Auto Dealer of Algeria
Chijet Motor Company (Nasdaq: CJET) announced that its subsidiary, FAW Jilin Automobile, signed a product sale agency agreement with SARL AI MOTORS from Algeria on May 10, 2024.
This agreement designates SARL AI MOTORS as the exclusive agent to sell Chijet's 'SENIA' automobiles in Algeria for at least the next two years. FAW Jilin will manufacture these vehicles in China and export them to Algeria. This collaboration aims to expand Chijet Motor's market presence in Africa.
Chijet Motor specializes in developing, manufacturing, selling, and servicing traditional fuel and new energy vehicles (NEVs) and plans to enhance NEV production with a new factory in Yantai, China.
- Exclusive agreement with SARL AI MOTORS potentially increases revenue and market share in Africa.
- Expanding into the Algerian market provides Chijet with new growth opportunities.
- Partnership with a local dealer may facilitate smoother market penetration and brand recognition in Algeria.
- Ongoing development of a NEV factory in Yantai, China, highlights focus on future growth in the new energy vehicle sector.
- Dependence on SARL AI MOTORS might pose risks if the partnership faces difficulties.
- Potential high costs and logistical challenges associated with exporting vehicles from China to Algeria.
- information on the financial stability and market reach of SARL AI MOTORS.
JILIN CITY, China, June 17, 2024 (GLOBE NEWSWIRE) -- Chijet Motor Company, Inc. (Nasdaq: CJET) (the “Company” or “Chijet”), a high-tech enterprise engaged in the development, manufacture, sales, and service of traditional fuel vehicles and new energy vehicles (“NEV”) in China announced that on May 10, the holding subsidiary FAW Jilin Automobile Co., Ltd. (“FAW Jilin”) of Chijet Motor signed products sale agency agreement with SARL AI MOTORS from Algeria. SARL AI MOTORS is an auto importer and seller of Algeria. After the agreement was signed, SARL AI MOTORS as the exclusive selling agent in Algeria would sell “SENIA” automobiles of CHIJET in the subsequent two years at least.
FAW Jilin would manufacture SENIA automobiles in China and export them to Algeria according to the orders of SARL AI MOTORS. The agreement would be beneficial to market development of FAW Jilin in Africa.
About Chijet Motor Company, Inc.
The primary business of Chijet Motor is the development, manufacture, sales, and service of traditional fuel vehicles and NEVs. State-of-the-art manufacturing systems and stable supply chain management enable the Company to provide consumers with products of high performance at reasonable prices. In addition to its large modern vehicle production base in Jilin, China, a factory in Yantai, China will be dedicated to NEV production upon completion of its construction. Chijet Motor has a management team of industry veterans with decades of experience in engineering and design, management, financing, industrial production, and financial management. For additional information about Chijet Motor, please visit www.chijetmotors.com.
Chijet Motor Contact:
2888 Dongshan Street
Gaoxin Automobile Industrial Park
Jilin City, JL. P.R.China
0535-2766202
EMAIL: info@chijetmotors.com
Investor Relations Contact:
Skyline Corporate Communications Group, LLC
1177 Avenue of the Americas, 5th Floor
New York, NY 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Chijet Motor’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding Chijet Motor’s leadership team, Chijet Motor’s continued growth and financial and operational improvements, Chijet Motor’s ability to develop and sell new or improved products, raise capital, deliver customer orders timely, execute its business plans, and attract and retain customers and skilled professionals; risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, and general economic conditions affecting the Chijet Motor’s industry, along with those other risks described under the heading “Risk Factors” in the prospectus Chijet Motor filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2023, and those that are included in any of Chijet Motor’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Chijet Motor and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chijet Motor undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
FAQ
What agreement did Chijet Motor Company sign?
What is the duration of the exclusive selling rights in Algeria for Chijet's automobiles?
What is the significance of the agreement between Chijet Motor and SARL AI MOTORS?
Where will FAW Jilin manufacture the 'SENIA' automobiles for export to Algeria?
What is Chijet Motor Company's focus in terms of vehicle production?
