Jiuzi Holdings subsidiary Hangzhou Jiuyao has entered into an extension agreement with Chongqing Dongfeng Fengon Automobiles, a subsidiary of Dongfeng Sokon Motor. Pursuant to a purchase agreement signed by Jiuyao and Chongqing Fengon on August 2, 2022, Jiuyao would purchase 5,000 micro electric passenger cars customized for Jiuyao from Chongqing Fengon by December 28, 2022. However, due to the impact of the Covid-19 outbreak in China, delivery and sales fell behind the schedule. The two parties have agreed to extend the original purchase deadline for six months, or to June 30, 2023. The Purchase Agreement will include the trade of Jiuyao MPV, which was launched in October 2022. Jiuyao MPV is a custom-made vehicle based on Dongfeng Fengon’s MPV model. The company plans to further launch an upgraded version in the first half of 2023. The new version will be installed with an extended-range battery to 351km. Meanwhile, the battery can also be swapped so that Jiuyao MPV owners can change out dead or dying batteries for fully charged ones.
Published first on TheFly
