Jiuzi Holdings Inc.to Debut First Custom EV and Signs Purchase Agreement with DFSK Motor

Rhea-AI Summary

Jiuzi Holdings, Inc. (NASDAQ: JZXN) announced a significant strategic agreement with DFSK Motor to deliver 5,000 customized micro electric vehicles, named Jiuyao Mini EV, by the end of 2022. This model, based on the popular Dongfeng Mini EV Candy, features enhancements like a stylish logo, luxurious interiors, and an extended battery range of up to 220 kilometers. The agreement aims to bolster Jiuzi's car rental and ride-hailing business, with preorders received from seven Capital Partners clients. The company plans to expand its customized electric vehicle offerings in collaboration with more manufacturers.

Positive

• Agreement to deliver 5,000 customized Jiuyao Mini EVs enhances market position.
• Jiuyao Mini EV features extended battery range of 220 kilometers, improving customer value.
• Preorders received from seven Capital Partners clients, indicating strong demand.

Negative

• None.

HANGZHOU, China, Sept. 9, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a leading new energy vehicle (NEV) dealership group under the brand name "Jiuzi" in China, today announced that its subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. ("Jiuyao") has entered into a purchase agreement ("Agreement") with Chongqing Dongfeng Fengguang Automobiles Sales Co., Ltd., a subsidiary of Dongfeng Sokon Motor Co., Ltd. ("DFSK Motor").

Pursuant to the Agreement, by the end of 2022, DFSK Motor will deliver 5,000 micro electric passenger cars customized for Jiuyao ("Jiuyao Mini EV") based on its best-selling model "Dongfeng Mini EV Candy". The customized version will be upscaled with a combination of visual and performance characteristics including a stylish Jiuyao logo, dazzling wheel hubs, leather car seats, smart remote control function, and an extended battery range for up to 220 kilometers, which is rarely installed in A00-class micro electric passenger cars.

Serving as an important strategic move for JZXN's car rental and ride-hailing business initiatives, Jiuyao provides cost-effective vehicle procurement services for fleet management companies and ride-hailing companies. Jiuyao Mini EV is designed for JZXN's "Capital Partners" ("CP") clients who own, manage, and trade ride-hailing vehicle assets. The company has received preorders from seven CP clients by far.

"We are extremely pleased to see that our debut in the customized EV market is successful," said Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc. "Our CP clients not only supply ride-hailing companies with transport vehicles, but also sell or rent vehicles to individual customers as car dealers. Supported by JZXN's capital strength and professional operation, we plan to work with other EV manufacturers to launch more customized SUV and MPV models in order to meet our CP clients' diversified requirements."

About Jiuzi Holdings, Inc.

Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third and fourth-tier cities in China. The Company mainly sells battery-operated electric vehicles and sources NEVs through more than twenty NEV manufacturers. It has 51 operating franchise stores and one company-owned store. For more information, visit the Company's website at http://www.zjjzxny.cn/.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events, 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. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and its other filings with the SEC.

For more information, please contact:

Stephen Tong

Email: jiuzi@mana-ir.com

View original content:https://www.prnewswire.com/news-releases/jiuzi-holdings-incto-debut-first-custom-ev-and-signs-purchase-agreement-with-dfsk-motor-301621000.html

SOURCE Jiuzi Holdings, Inc.

FAQ

What is the Jiuyao Mini EV and when will it be delivered?

The Jiuyao Mini EV is a customized micro electric vehicle designed by Jiuzi Holdings, with 5,000 units to be delivered by the end of 2022.

Who is Jiuzi Holdings collaborating with for the Jiuyao Mini EV?

Jiuzi Holdings is collaborating with DFSK Motor for the production and delivery of the Jiuyao Mini EV.

What features does the Jiuyao Mini EV offer?

The Jiuyao Mini EV includes a stylish logo, leather seats, smart remote control, and an extended battery range of up to 220 kilometers.

How many clients have placed preorders for the Jiuyao Mini EV?

Jiuzi Holdings has received preorders from seven Capital Partners clients for the Jiuyao Mini EV.

What is the significance of the purchase agreement for Jiuzi Holdings?

The purchase agreement is a strategic move to enhance Jiuzi Holdings' car rental and ride-hailing initiatives, aimed at expanding their market presence.