MingZhu Logistics and Damo Electric Truck Enter Into MOU

Rhea-AI Summary

MingZhu Logistics Holdings Limited (NASDAQ: YGMZ) has signed a non-binding memorandum of understanding with DAMO Electric Truck to establish a joint venture. DAMO will contribute its operating business and intellectual property to this venture, enabling MingZhu to integrate next-generation electric trucks into its logistics network. DAMO specializes in zero-emission automated trucks, boasting a range of 2,000 km per charge and significant cost-efficiency improvements. The collaboration aims to enhance supply chain reliability and exploit advanced technologies to reduce operational costs by about 60%.

Positive

• Partnership with DAMO Electric Truck to leverage cutting-edge zero-emission technology.
• Opportunity to enhance logistics efficiency and reduce operating costs by approximately 60%.
• MingZhu aims to deploy advanced electric trucks in its existing logistics network.

Negative

• None.

SHENZHEN, China, July 26, 2021 /PRNewswire/ -- MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ), an elite provider of logistics and transportation services, today announced it has entered into a non-binding  memorandum of understanding ("MOU") with Damo Electric Truck ("DAMO").  Under the MOU, Mingzhu will set up a joint venture ("JV") with DAMO and DAMO will transfer its operating business and all IP it has developed or is currently developing into the JV .MingZhu plans to deploy the next-gen trucks into its expansive existing network, including coal transportation and container transportation within the Yantian International Container Terminals, one of the busiest container terminals in the world.

DAMO Electric Truck (www.damotruck.com)  is a fast growing developer dedicated to developing zero-emission automated truck  equipped with a single charge range of up to 2,000 km and combined with AI, 5G, automated driving technology, battery technology and micro-turbine generator technology. DAMO has developed a highly efficient, low cost, complete logistics solution, helping customers reduce operating costs by approximately 60% and increase efficiency by an estimated 200%.  DAMO's advanced battery solution, combined with Autopilot technology, overcomes current challenges in the electric truck sector.  The Company, with adoption of mature and road-tested driverless technology, has received orders of intent from customers in key international markets.  DAMO recently announced its series A funding, led by prominent investors and industry experts, including the co-founder of a leading Internet technology company.

Mr. Jinlong Yang, Chairman and Chief Executive Officer of MingZhu Logistics Holdings Limited, commented, "We are excited to now bring EV-autonomous technology to the freight truck market.  We believe this will revolutionize the market and puts us at the center of the market's fastest growing vector.  The synergistic effect between DAMO and MingZhu will help maintain a strong supply chain and hardware design control.  We will use a collaborative approach to create semi-trucks designed and built with integrated auto grade components and sensors to further increase reliability and effectiveness."

Mr. Yang continued,  "We were attracted to DAMO because it met all of our investment criteria, including its strong market position, underlying proprietary technology, proven management team and established, large addressable markets.  DAMO's commitment to technology leadership as one of the only companies in China with micro-turbine engine technology, will enrich our proprietary technology to drive dramatic operating and logistic cost reductions for customers, with equally impressive improvements in efficiency and return on investment. We believe our unmatched partnership will create a significant and sustainable competitive advantage to further intensify our strategic development."

About DAMO Electric Truck
The future is in smart, electric and autonomous vehicles, and we aim to lead the way.  We want to redefine what premium service means for a truck company. When the ownership experience exceeds expectations, electric vehicles will simply become the natural choice for everyone, leading to a more sustainable tomorrow. The Company's vertically integrated electric truck business also includes hardware manufacturing, a cloud computing mobile platform, blockchain-based supply chain financial solutions, and deep services for customers.  More information about DAMO can be found at www.damotruck.com.

About MingZhu Logistics Holdings Limited (NASDAQ: YGMZ)
Founded in 2002, NASDAQ listed, Shenzhen, China based, MingZhu is 4A-grade trucking services provider, offering both network density and broad geographic coverage to meet customers' diverse transportation needs. The Company operates two regional terminals in Guangdong Province and Xinjiang Autonomous Region, respectively, with both self-own fleets of tractors and trailers and subcontractors' fleets. More information about MingZhu can be found at: ir.szygmz.com

Safe Harbor Statement
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; the growth of the trucking services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. 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 SEC, 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.

 

View original content:https://www.prnewswire.com/news-releases/mingzhu-logistics-and-damo-electric-truck-enter-into-mou-301340676.html

SOURCE MingZhu Logistics Holdings Limited

FAQ

What is the recent MOU between MingZhu Logistics and DAMO Electric Truck about?

MingZhu Logistics has entered a non-binding MOU with DAMO Electric Truck to create a joint venture, enhancing its logistics operations with advanced electric truck technology.

How will the joint venture with DAMO Electric Truck impact MingZhu Logistics' operations?

The joint venture aims to integrate next-gen electric trucks into MingZhu's logistics network, improving efficiency and reducing costs.

What benefits does DAMO Electric Truck provide to MingZhu Logistics?

DAMO offers proprietary technology for zero-emission trucks, which can cut operational costs by about 60% and improve efficiency significantly.

When was the MOU between MingZhu and DAMO announced?

The MOU was announced on July 26, 2021.

What is the stock symbol for MingZhu Logistics Holdings Limited?

The stock symbol for MingZhu Logistics is YGMZ.