Business
Jiuzi Holdings, Inc. Enters into Strategic Cooperation with Leading Chinese Car Dealer, Shuke
HANGZHOU, China, June 22, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a new energy vehicles franchisor and retailer under the
About this update from Jiuzi Holdings, Inc.
[{"type":"text","content":"HANGZHOU, China, June 22, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the \"Company\"), a new energy vehicles franchisor and retailer under the brand name \"Jiuzi\" in China, today announced that it has entered into strategic cooperation (the \"Agreement\") with Zhejiang Shuke Automobile Service Co. Ltd. (\"Shuke\"), a leading car dealer in China. The cooperation will be operated by its newly established subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. (\"Jiuyao\").\nAccording to the Agreement, Jiuyao is granted a non-exclusive right to engage in the sales of Shuke electric-vehicle (EV) cars, Shuke's car-hailing business, and financial products. Jiuyao plans to purchase 200 standard and customized models of Shuke EVs between 2022 and 2023. Shuke is prepared to provide about a financial credit line of up to 100 million yuan to Jiuyao based on Jiuyao's financing needs. Jiuyao will be able to sell Shuke's EVs directly to end users on car-hailing platforms such as T3 Mobility, Didi Chuxing, Huolala, Jiuzi Haoche, and Zhongche Chuxing, among others, according to the Agreement.\nBased in Zhejiang province's capital Hangzhou city, Shuke is mainly engaged in minibus rental, auto parts trading and services, sales of EVs and other car-related after-sale services. Shuke's core management team also has extensive experience in banking and micro-lending and Shuke has a connection with a network of professional financial and investment institutions, operating as a service platform that links online to offline services, with a focus on the nationwide automotive aftermarket sector, according to the Agreement.\nMr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: \"We are delighted to announce major cooperation with Shuke for our recently launched new energy vehicles procurement platform Jiuyao. Shuke's brand, service network, and its distribution ability are being recognized by well-known automakers and vehicle trading companies. We would anticipate fruitful returns from our cooperation with Shuke in the following year.\"\nAbout Zhejiang Shuke Automobile Service Co. Ltd.\nFounded in 2020 with a registered capital of 10 million yuan, Shuke is mainly engaged in minibus rental, auto parts and services, sales of EVs and other car-related aftersale services in China. Shuke now operates in five cities including Ni...