On November 3, IAT made public its signing of a Joint Venture Agreement with Wuhu Hua'an Zhanxin Equity Investment Fund Partnership (Limited Partnership) on October 31. The two entities are set to jointly pour 672 million yuan into the establishment of a joint venture enterprise—IAT New Energy Powertrain (Fanchang) Co., Ltd.—located in Fanchang District, Wuhu City, Anhui Province. Specifically, IAT will allocate 425 million yuan by transferring 100% of the equity in its wholly-owned subsidiary, Sichuan IAT New Energy Automobile Co., Ltd., along with related technologies valued at 177 million yuan. This brings IAT's total investment to 602 million yuan, constituting 89.5757% of the registered capital. On the other hand, Wuhu Hua'an Zhanxin will invest 70 million yuan in cash, making up 10.4243% of the registered capital. The newly formed joint venture company aims to propel the research, development, and large-scale production of electromagnetic clutches, while also venturing into diversified product ranges.