Business
Jiuzi Holdings Inc. to Expand Franchise Business and Become Regional Sole Distributor of Aiways Auto in Guangxi, China
HANGZHOU, China, July 12, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a leading new energy vehicle (NEV) dealership group under
About this update from Jiuzi Holdings, Inc.
[{"type":"text","content":"HANGZHOU, China, July 12, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the \"Company\"), a leading new energy vehicle (NEV) dealership group under the brand name \"Jiuzi\" in China, today announced that its operating entity, Hangzhou Zhitongche Technology Limited (\"Zhitongche\"), has entered into a regional exclusive agency agreement (the \"Agreement\") with Shanghai Aiways Yiwei Automobiles Sales Co., Ltd. (\"Aiways Yiwei\"), the subsidiary of Aiways Automobiles Company Ltd. (\"Aiways Auto\").\nPursuant to the Agreement, both parties will collaborate to co-develop their retail distribution channels in Guangxi Zhuang Autonomous Region (\"Guangxi\"), China. In the first two months of the one-year term starting on July 1st, 2022, Zhitongche will adopt its unique franchise model to complete the establishment of one Aiways flagship store in Nanning, the provincial capital of Guangxi, and 11 Aiways experience centers in other major cities in Guangxi.\n\"Following WM Motor and Baoneng Motor, this is another prestige brand with which we have achieved collaboration since the supplier expansion plan launched in early June 2022. It helps expand our nationwide footprint and establish influential presence in Guangxi\", said Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc. \"Our nationwide retail network consists of 51 franchised stores and one company-owned store, as well as about 100 contracted agents. These 150 retail terminals are spread over 100 cities in 18 Chinese provinces, most of which are in eastern and southern coastal areas with rapid economic growth. Guangxi is currently one of our top performance provinces with 13 franchised stores and 9 contracted agents. We expect to establish beyond the 12 initial stores, which will contribute to our revenue growth in the foreseeable future, and continue to increase our presence in China. Following the path of being a sole regional distributor for different brands, we expect to enter into a similar agreement with Baoneng Auto in September and become Baoneng Auto's regional sole distributor in Zhejiang Province. Furthermore, I also see the potential to expand this \"regional sole distributor\" model to other Chinese provinces if the initial cooperation is proven to be fruitful.\" \n\"We look forward to working with Jiuzi to explore our domestic market,\" said Mr. Chao Guo, General ...