Business
Jiuzi Holdings, Inc. Provides Comments on Recent Policy and Gives Updates on Business Operation
HANGZHOU, China, Nov. 8, 2021 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ:JZXN; the "Company"), a new energy vehicles franchisor and retailer under the brand
About this update from Jiuzi Holdings, Inc.
[{"type":"text","content":"HANGZHOU, China, Nov. 8, 2021 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ:JZXN; the \"Company\"), a new energy vehicles franchisor and retailer under the brand name \"Jiuzi\" in China, today provided updates on its business operation. The Company has managed to grow the number of franchise stores by over 40% during the half year between April 1 and October 31, 2021 and has been discussing with about 12 new brands regarding potential collaborations during the same period.\nNotably, JZXN has fulfilled the goals set when it reflected on Q4 2020 business performance. With the launch of JZXN's APP beta version, the Company has outlined development plan for Q1 2022 and set out new operation target with higher revenue and profit goals.\nThe reason for setting these goals stems from China's determination to provide continuous support to develop new energy vehicles by replacing city transportations with electric vehicles, thereby facilitating the development of heavy-weight freight transportation powered by electricity, gas and other clean energy. According to a government paper published by the China State Council on October 26, by 2030, China will vigorously promote new energy vehicles and gradually reduce the production rate, sales and ownership of traditional fuel vehicles. The country expects the proportion of new and clean energy-powered vehicles to reach about 40% with operating vehicles' carbon emission intensity of unit conversion turnover down by about 9.5% than the level in 2020.\nMr. Shuibo Zhang, CEO, Director and Chairman of Jiuzi Holdings, Inc., commented: \"We aim to boost revenues from our franchise network to over RMB20 million for Q1 2022. We are confident that, with our growing operating revenue and profit and strong cash flow, the Company is fully capable of delivering great performance with our unique business model and growth potential. \n\"From the bigger picture that China aims to reach the peak of carbon dioxide emission by 2030, we've also seen similar efforts being conducted by our market peers. However, JZXN spearheaded the implementation of this national agenda and has obtained a leading position in the new energy industry. With our national expansion and a more standardized operation, we believe the Company will continue to contribute to fulfill the national goal of constructing a low-carbon and new energy...