Chijet Motor Initiates Business of Automobile Culture Tourism
On June 7, Chijet Motor's subsidiary, FAW Jilin Automobile, signed an intention agreement with Jilin National High-tech Industrial Development Zone and Haikou BIAOCHI Automobile Culture Development. The collaboration focuses on developing automobile culture tourism and race automobile R&D. A new manufacturing base for karts, ATVs, and UTVs, both fuel and new energy vehicles, will be constructed in FAW Jilin's factory. Additionally, a comprehensive cultural tourism base, including kart tracks, off-road tracks, rallying fields, and RV camping, will be developed. The project integrates automotive races, development, RV camping, music, and gastronomy. Preparatory work has already begun.
- FAW Jilin's agreement with major partners for a new project enhances business scope.
- Development of a new manufacturing base for karts, ATVs, and UTVs expands product offerings.
- The comprehensive cultural tourism base may attract a diverse customer base and increase revenue.
- Integration of automotive races and RV camping offers unique leisure experiences, potentially boosting brand value.
- Preparatory work for the project has already started, indicating progress and commitment.
- No specific financial data or projections provided, making it hard to evaluate financial impact.
- Potential risks associated with entering a new market segment (cultural tourism) not addressed.
- Uncertainties about the timeline and completion date for the new manufacturing and tourism base.
JILIN CITY, China, June 18, 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 June 7, The holding subsidiary FAW Jilin Automobile Co., Ltd. (“FAW JiLin”) of Chijet Motor signed an intention agreement with the administration committee of Jilin National High-tech Industrial Development Zone and Haikou BIAOCHI Automobile Culture Development Co., Ltd. (“BIAOCHI”) for automobile industry culture tourism and race automobile R&D and manufacture. FAW JiLin and BIAOCHI will cooperate to do project of automobile culture tourism with northeast ice-snow tourism characteristics. Depending on the automobile R&D and manufacture system of FAW JiLin, a kart, ATV & UTV new energy and fuel automobile manufacture base will be constructed in the factory of FAW JiLin in the future. In addition, a comprehensive cultural tourism base with kart track, off-road track, rallying field and RV camping will be constructed nearby. The industrial cultural tourism project integrates automobile race, automobile development, RV camping, music and gastronomy.
At present, the preparatory work has been doing successively.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10c476d1-3943-46a8-af03-ed7fb4d447a6
FAQ
What is the focus of Chijet Motor's new project announced on June 7, 2024?
What will be constructed in FAW Jilin's factory according to the June 7, 2024 announcement?
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