Happiness Biotech Entered Into Electric Vehicle Distribution Agreement With Geely's Subsidiary
Happiness Biotech Group Limited (Nasdaq: HAPP) announced a distribution agreement between its subsidiary, Taochejun, and Zhejiang Fengsheng Automobile Sales Co., Ltd. (Maple Auto), a subsidiary of Geely Technology Group. Taochejun will serve as the sales agent for the 'Maple 80V' in Ningbo and Hangzhou, with a sales target of 200 vehicles by December 31, 2021. The upgrade from Happy Auto to Taochejun aims to strengthen the company's presence in the new energy vehicle market. The partnership is expected to leverage Geely's technical support and boost sales.
- Distribution agreement with Geely's subsidiary enhances market presence.
- Sales target of 200 vehicles in six months indicates growth potential.
- Transition from Happy Auto to Taochejun repositions brand for new energy vehicles.
- None.
NANPING, China, June 10, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer and e-commerce services provider, announced today that Taochejun (Fujian) Automobile Distribution Co., Ltd. ("Taochejun"), a subsidiary of the Company in China, has entered into a distribution agreement with Zhejiang Fengsheng Automobile Sales Co., Ltd ("Maple Auto"), a wholly owned subsidiary of Geely Technology Group Co., Ltd., or Geely, to distribute electric vehicles under the brand "Maple" .
According to the distribution agreement, Taochejun will become the sales agent for "Maple 80V" in Ningbo City and Hangzhou City. The minimum sales target for the six months ended December 31, 2021 is 200 vehicles. Maple Auto will provide complete after-sales service and technical support. Taochejun is an upgraded version of Happy Auto. The Company has redesigned and upgraded its auto Business Unit, which was initially under the brand name of "Happy Auto", including the brand logo, marketing campaign and the future planning, etc. Taochejun will replace Happy Auto as the unified brand of the Company's Auto Business Unit in the future. The Company has registered the trademark of Taochejun in China and launched the WeChat App of Taochejun in May 2021. Taochejun will fully inherit the resources and mission of Happy Auto, and further strengthen the sales and service of new and used cars, especially new energy vehicles.
"We are very happy to cooperate with Maple Auto and reach an agreement regarding distribution of Maple automobiles. As a wholly-owned subsidiary of Geely, Maple Auto has strong technical support and industry influence. We believe that our cooperation will achieve good results. We also have very high hopes for Taochejun, as the upgraded version of Happy Auto, it will have more layout in the field of new energy vehicles. At present, we are still discussing cooperation with more manufacturers and large distributors to further expand our client base. We believe that with the growth of our platform, we will gain more attraction and trust from our clients in the future," said Mr. Xuezhu Wang, CEO of the Company.
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited has two business segments: nutraceutical and dietary supplements and e-commerce. The nutrition and dietary supplements business is focusing on the research, development, manufacture and marketing of various products made from Chinese herbal extracts and other ingredients. Over the past 17 years, we have established a product portfolio consisting of 32 PRC National Medical Products Administration registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. Our e-commerce business focuses on providing e-commerce solutions and services for small and medium-sized enterprises. Our mission for the e-commerce segment is to constantly enable small and medium-sized enterprises to fully leverage the power of e-commerce to grow rapidly. For more information, please visit: www.happ.org.cn
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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SOURCE Happiness Biotech Group Limited
FAQ
What is the significance of the distribution agreement between HAPP and Geely's Maple Auto?
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How is Taochejun different from Happy Auto?
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