Sunwoda and Wuling Industry signed a letter of intent for joint venture cooperation

Recently, Xinwangda's wholly-owned subsidiary Xinwangda Electric Vehicle Battery Co., Ltd. (hereinafter referred to as "Xinwangda Automotive Battery") and Liuzhou Wuling Automobile Industry Co., Ltd. (hereinafter referred to as "Wuling Industry") have signed a "Letter of Intent for Joint Venture Cooperation". Both parties intend to jointly invest in the establishment of a joint venture covering new energy vehicle power battery systems in Liuzhou, Guangxi.

The two parties have preliminarily agreed that the equity ratio of the joint venture is 50%:50%, which will be determined by the joint venture contract. The business of the joint venture is to develop, manufacture, deliver and sell automotive power batteries and related components for customers in Liuzhou and surrounding areas. The battery pack (PACK) is the main product in the early stage. In the future, according to the company's development needs, the two parties may add battery modules, BMS and other products after negotiation.

Wuling Industry is a company with rich experience in automobile design and manufacturing, and focuses on parts, engines and special vehicles. Its industries are mainly distributed in Guangxi, Chongqing, Shandong, Jiangsu and Guizhou. The signing of the letter of intent for cooperation with Wuling Industry means that the company's customer base in the automotive power battery business will be further expanded, and its products will be widely recognized by customers. In the future, the business scale and industry status of automotive power batteries will also be further improved.