IAT has made a public announcement, revealing that it has inked a Joint Venture Agreement alongside Wuhu Hua'an Zhanxin. The duo is set to co-invest a substantial sum of 671.51 million yuan for the establishment of a joint venture entity, aptly named IAT New Energy Powertrain (Fanchang) Co., Ltd.
Within this investment framework, IAT will contribute 601.51 million yuan, which translates to 89.5757% of the joint venture's registered capital. This contribution will come in the form of a 100% equity stake in its wholly-owned subsidiary, Sichuan IAT New Energy Automobile Co., Ltd., along with relevant technologies. On the other hand, Wuhu Hua'an Zhanxin will inject 70 million yuan in cash, making up 10.4243% of the registered capital.
This strategic investment is poised to bolster IAT's foothold in the automotive core power system sector, amplify its overall market competitiveness, and furnish robust backing for the company's 'technology + supply chain' expansion strategy on the global stage.