CHANGZHOU, China, April 17,
2024 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq:
EZGO) ("EZGO" or "we," "our," or the "Company"), a leading
short-distance transportation solutions provider in China, today announced that it entered into a
five-year strategic cooperation framework agreement (the
"Agreement") with Woteam New Energy (Guangdong) Co., Ltd. ("Woteam"), a high-tech
enterprise engaged in the research, development, production and
sales of electric bicycle batteries, electric tool batteries, robot
batteries, photovoltaic energy storage batteries and other
products. EZGO and Woteam aim to jointly develop a series of
automotives and electric products to meet local needs in the
Southeast Asian market, and to enhance the strategic positioning of
the intelligent industries for both parties.
Pursuant to the Agreement, EZGO and Woteam agree to integrate
their respective strengths to accelerate the product development
and develop sales and distribution network. Both parties are also
expected to establish production plants for electric vehicles and
lithium batteries across Southeast
Asia to broaden market reach. EZGO will leverage its
expertise in the electric bicycle sector, while Woteam will
contribute its advanced battery technology and regional
distribution channels. Pursuant to the Agreement, based on EZGO's
needs and at its request, Woteam will co-develop and manufacture
power and storage batteries. The Agreement, set to last five years,
and the collaboration will be adapted to the specific business
engagement models of each party.
Mr. Jianhui Ye, Chairman and
Chief Executive Officer of EZGO, commented, "The signing of the
Agreement marks a strategic initiative of EZGO and lays a solid
foundation for expanding its existing sales channels. EZGO will
join hands with Woteam to establish a production, R&D, and
sales network that not only serves Southeast Asia but also set to extend to
Europe and America in the future.
This collaboration aims to achieve annual sales of 500,000 electric
two-wheeled vehicles, 300,000 power lithium batteries sets, and
100,000 sets of home and outdoor energy storage lithium batteries
for an aggregate revenues of $500
million. This cooperation is expected to make significant
inroads for EZGO into the global market. Looking forward, we are
committed to upholding high standards of quality and efficiency to
ensure the success of collaboration, to expand our footprints to
more regions and to enhance long-term value to shareholders."
Focusing on the lithium battery for more than ten years, Woteam
has become an exceptional battery OEM factory. In 2022, Woteam
established a production and sales service center in Myanmar, and plans to gradually cover
Thailand, Vietnam, Indonesia and other Southeast Asian
countries.
About EZGO Technologies Ltd.
Leveraging an Internet of Things (IoT) product and service
platform and two e-bicycle brands, "EZGO" and "Cenbird," EZGO has
established a business model centered on the design, manufacturing
and sale of two-and three-wheeled electric vehicles, intelligent
robots, complemented by electric vehicle accessories including
batteries, charging piles and electronic control system. For
additional information, please visit EZGO's website at
www.ezgotech.com.cn. Investors can visit the "Investor Relations"
section of EZGO's website at www.ezgotech.com.cn/Investor.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate," or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
short-distance transportation solutions market in China and the other international markets the
Company plans to serve; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and the international markets the
Company plans to serve and assumptions underlying or related to any
of the foregoing and other risks contained in reports filed by the
Company with the Securities and Exchange Commission (the "SEC"),
including the Company's most recently filed Annual Report on Form
20-F and its subsequent filings. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Ascent Investor Relations LLC
Tina Xiao
Email: investors@ascent-ir.com
Phone: +1 646-932-7242
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SOURCE EZGO Technologies Ltd.