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Jiuzi Holdings Inc (NASDAQ: JZXN) disclosed that its subsidiary Zhejiang Jiuzi has recently entered into a one-year strategic cooperation agreement with Jiangsu Jemmell New Energy Vehicle Industry Co Ltd., a Chinese electric vehicle maker, and battery assembler.
Zhejiang Jiuzi has received a non-exclusive right to sell the "LINGBOX" series of electric vehicles produced by Jemmell during 2022-2023.
Zhejiang Jiuzi plans to purchase up to 5,000 vehicles from both mass-production models and customized models from Jemmell.
Shuibo Zhang, CEO of Jiuzi Holdings, said, "We expect this cooperation with Jemmell to serve as the blueprint for us to continue to accelerate our sales growth in China. Our collaboration has a great deal of upside and could potentially bring about RMB60 million sales to our company and create great values for shareholders."
Price Action: JZXN shares are trading higher by 8.28% at $1.83 on the last check Wednesday.
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