Jiuzi Holdings to Enter Into an Electric Vehicle Purchase Agreement

Jiuzi Holdings, Inc. announced that its operating entity, HangzhouZhitongche Technology Limited has entered into a purchase agreement with an authorized sales agent of WM Motor Technology Co Ltd. This Agreement signifies the start of the Company's new campaign to expand its contact with automaker suppliers.

Pursuant to the Agreement signed in May 2022, Zhitongche will purchase up to 1,000 Weltmeister electric vehicles from the sales agent, and the delivery time is expected to be in the second half of 2022.

The Company expects to order about 5,000 to 8,000 EV cars from the sales agent in the next three years and become the most significant domestic distributor of Weltmeister EV cars.

"The industry consensus is that the domestic new energy vehicle market would significantly grow for years to come." said Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc. "Since May 2022, government policies fostering the new energy vehicle industry have been favorable. More than twenty provinces and cities have issued new energy vehicle stimulus policies, with subsidy up to RMB 10,000 per unit. On May 31, 2022, the Ministry of Industry and Information Technology, the Ministry of Agriculture and villages, the Ministry of Commerce, and the National Energy Administration issued a notice to encourage new energy vehicle manufacturers to expand to the countryside. Responding to the government initiative, Jiuzi launched a supplier expansion plan in early June 2022. We are currently negotiating with many new energy vehicle manufacturers, and our Weltmeister purchase agreement is a brilliant start. The list of suppliers is expected to grow by three to five by July 2022."

"We are delighted to have obtained this contract with WM Motor," said Mr. Qi Zhang, COO of Jiuzi Holdings, Inc. "We feel that this Agreement will reinforce the long-term cooperation with WM Motor and enhance Jiuz's supply chain. We also believe our relationship with WM Motor will contribute to our revenue growth in the future and increase our presence in China."