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Addentax Group Corp. Entered into a Strategic Cooperation Agreement with AUTO CITY for L4 Autopilot Tech, New Energy Autopilot Vehicles and EV Charging Research and Manufacturing
SHENZHEN, China, June 6, 2023 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on
About this update from Addentax Group Corp.
[{"type":"text","content":"SHENZHEN, China, June 6, 2023 /PRNewswire/ -- Addentax Group Corp. (\"Addentax\" or the \"Company\") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, property management and subleasing, and epidemic prevention supplies, today announced that on June 5, 2023 it entered into a strategic cooperation agreement (the \"Agreement\") with Auto City (Shenzhen) Autonomous Driving Co., Ltd. (\"Auto City\"), a Shenzhen based company specializing in artificial intelligence (\"AI\") cloud based Level 4 (\"L4\") Autopilot research and development (\"R&D\"), manufacturing and application, and digital city full industry chain solutions. This strategic cooperation marks a pivotal step for Addentax as it seeks to expand its business footprint and diversify its revenue streams.\nPursuant to the Agreement, the two parties will work together on the development autonomous driving technology project, including but not limited to marketing, research and development, production, and application of new energy autonomous clean vehicles, as well as R&D and applications of automatic charging and battery technology. Additionally, Addentax and Auto City are in deliberations with other industry frontrunners in the new energy vehicle, electric vehicle (\"EV\") battery and autopilot arenas to foster technology and application partnerships. The shared objective of the parties is to drive project developments and applications of leading-edge autonomous driving technology and new energy battery technology initially in the Guangdong Province first.\nAuto City is a cutting-edge technology company focusing on the R&D, production, and application of advanced autonomous vehicles. It boasts deep-rooted involvement in the digital city service sector, reinforced by an AI intelligence management platform. Auto City addresses the traditional city service industry's challenges head-on, fostering safer, smarter, and environmentally-friendly digital city solutions. Auto City's elite R&D team comprises alumni from prestigious universities such as Massachusetts Institute of Technology, University of California, Berkeley, Stanford University, Tsinghua University and The Chinese University of Hong Kong, while its key management team consists of luminaries from leading autopilot companies, EV corporation founders, and experienced in...