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BANGKOK, THAILAND - Media OutReach Newswire - 6 April 2024 – VinFast announces that it has been honored by the Organizer of the Bangkok International Motor Show (BIMS 2024) with two awards: "Best Concept Commercial EV" for the VF Wild and "Exhibit Design". These awards affirm the strong reputation and growth of VinFast in the Southeast Asian and global markets. The BIMS 2024 Awards Council, consisting of leading experts in the Thai automotive industry and headed by Dr. Prachin Eamlumnow, Chairman of the BIMS Organizing Committee and CEO of Grand Prix International PCL, votes and awards prizes to the brands and car products that make the strongest impression on professionals, media, and consumers at BIMS. In the "Best Concept Commercial EV" award category, VinFast's VF Wild was honored, surpassing a series of products from 49 major brands from across the world, including the U.S., Germany, Japan, and China. The BIMS Award Council praised the VF Wild's design, commending its strength, creativity, luxurious feel, and impressive interior. The VF Wild's Southeast Asian debut is bolstered by this award, with this recognition affirming the creative ability of VinFast and showcasing the VF Wild's potential to become the top pickup truck in the Southeast Asian market. The VF Wild model generated significant buzz globally when it was launched at the Consumer Electronics Show (CES) 2024 in the U.S. earlier this year. In the "Exhibit Design Award" award category, VinFast's booth received the highest rating from the Awards Council, who praised the booth for showcasing VinFast's diverse electric product ecosystem in a highly visible and engaging way. This included electric scooters, the mini-eSUV VF 3, the VF Wild, and a range of electric vehicles across model segments. The booth effectively conveyed the company's spirit of "boundless together" and visualized VinFast's vision for the future of electric mobility. Dr. Prachin Eamlumnow, Chairman of the Organizing Committee and CEO of Grand Prix International PCL, said: "The 'Best Concept Commercial EV' and 'Exhibit Design' awards aim to recognize breakthrough ideas that will contribute to Thailand's electric transportation revolution. We were impressed with VinFast's brand launch, particularly its booth showcasing its comprehensive electric vehicle ecosystem and the groundbreaking VF Wild." Ms. Vu Dang Yen Hang, CEO of VinFast Thailand, shared: "Winning these two prestigious awards demonstrates VinFast's constant innovation and mission to empower consumers on their journey to a greener electric mobility future. The accolades for VinFast's electric vehicle ecosystem will further motivate the company's expansion efforts in the Thai market, including the development of a dealership network and bringing sustainable, smart, and exciting mobility solutions to consumers." This is the second time VinFast has won two awards in its first brand launch in a new market, previously winning the "Best Booth Cars" and "Favorite SEA Premier Launch" awards at the Indonesia International Motor Show (IIMS) in February 2024. These prestigious awards at BIMS and IIMS join VinFast's growing collection of accolades, including the "Innovation Award Honoree" for VinFast MirrorSense (the world's first AI-based automatic mirror adjustment technology) at CES 2024, the "Rising Star" award at the Paris Motor Show 2022, and the "Corporate Sustainability Champions" award from the ORIGIN Innovation Awards 2022 Council. These honors demonstrate VinFast's continued innovation and dedication to its mission of pioneering green transportation globally. In addition to key markets such as the U.S., Canada, and Europe, VinFast is actively expanding into neighboring countries in Asia such as India, Indonesia, Thailand, the Philippines, as well as the Middle East and Africa. Outside of Vietnam, VinFast is also aiming to accelerate the construction of EV manufacturing plants in the U.S. and India, and will establish a plant in Indonesia. Hashtag: #VinFastThe issuer is solely responsible for the content of this announcement.About VinFastVinFast – a member of Vingroup – envisioned to drive the movement of the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with scalability that boasts up to 90 percent automation in Hai Phong, Vietnam. Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfast.co.th/
Kia drives forward transformation into 'Sustainable Mobility Solutions Provider' Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand Goal to sell 1.6 million EVs annually in 2030, introducing 15 models PBV to play a key role in Kia's growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally CEO reaffirms Kia's commitment to ESG management SEOUL, South Korea, April 5, 2024 /PRNewswire/ -- Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea. 2024 CEO Investor Day Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape. During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand's 2024 annual goal of 3.2 million units. The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia's total sales in 2030. "Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company's transition to a sustainable mobility solutions provider," said Ho Sung Song, President and CEO of Kia. "By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment."
LG Energy Solution invites Arizona state government and local community officials for a construction progress update on its second U.S. stand-alone facility Completion and start of production expected in about two years, with full-scale hiring for thousands of new jobs to begin in the second-half of 2025 The company to further strengthen market competitiveness in the U.S. underpinned by product and technology leadership SEOUL, South Korea, April 4, 2024 /PRNewswire/ -- The construction of a major battery manufacturing complex in Arizona, announced by LG Energy Solution (KRX: 373220) last year, is on track to be completed in two years with the first round of hiring expected to begin at the end of this year. The company provided progress updates on its USD 5.5 billion (KRW 7.2 trillion) stand-alone facility during a stakeholder meeting on April 3 at Combs High School in San Tan Valley near the town of Queen Creek where the complex is located. The attendees included Brian Oh, Head of Mobility & IT Battery Division at LG Energy Solution; Hyung Kim, Head of ESS Battery Division at LG Energy Solution; Richard Ra, President of LG Energy Solution Arizona; Gov. Katie Hobbs of Arizona; Sandra Watson, President and CEO of Arizona Commerce Authority; Mike Goodman, Supervisor and Chairman of Pinal County; Julia Wheatley, Mayor of Queen Creek, and other members of state government and local community officials. The complex consists of two manufacturing facilities which are the company's first stand-alone cylindrical and ESS battery plants in North America. The cylindrical battery plant, called LG Energy Solution Arizona, will produce 46-Series batteries for electric vehicles (EV). A crucial part of the company's innovative product portfolio, 46-Series cylindrical batteries demonstrate LG Energy Solution's advanced technological leadership throughout various applications for EVs. As the company plans the first mass production of 46-Series batteries at its Ochang plant in Korea in the second half of this year, which is the earliest among major global battery manufacturers, LG Energy Solution Arizona is expected to continue the momentum and reinforce the manufacturing capability. The ESS battery manufacturing facility, called LG Energy Solution Arizona ESS, will produce lithium iron phosphate (LFP) pouch-type batteries for energy storage systems (ESS). It is one of the first ESS-exclusive battery production facilities in the world. By situating its stand-alone ESS battery facility in North America, the world's biggest ESS market, LG Energy Solution aims for a timely response to the fast-growing needs for locally manufactured batteries on the back of the U.S. clean energy policies, providing ESS batteries with enhanced competitiveness in cost, battery life, and safety. When fully operational, the complex's average annual production capacity is expected to reach 53GWh (cylindrical batteries 36GWh, LFP ESS batteries 17GWh). During the construction progress updates and site tour, Richard Ra, President of LG Energy Solution Arizona, said the project has been well underway since the groundbreaking last November, with initial land preparations completed and steel beams now being placed at the site. With the construction going as planned, the manufacturing facility for cylindrical EV batteries is expected to be completed in late 2025, and the facility for LFP pouch-type ESS batteries in the following year. Once the construction is complete, both facilities are expected to start production in 2026. To secure high-quality workforce that will operate the state-of-the-art manufacturing complex, the company will also commit to hiring and fostering the next-generation battery professionals in the area, creating several thousand new quality jobs. "We expect the recruitment of our [launch team] members to begin late this year, and a full-scale recruitment to follow from the second half of 2025," said Ra. "Of many other sites, this Arizona facility has a special meaning to us. This is the second stand-alone facility to be built in the U.S. And it is also the first manufacturing facility to produce cylindrical batteries in the U.S. Right here, is where we can build quality cylindrical batteries, which will be used to power millions of EVs," said Brian Oh, Head of Mobility & IT Battery Division at LG Energy Solution. "It gives me a great pleasure, knowing that this landmark project, here in Queen Creek will create thousands of new, quality-jobs that will contribute to building green economy." "ESS plays a vital role in green energy infrastructure as it utilizes power supply in a flexible manner," said Hyung Kim, Head of ESS Battery Division. "There is no better place to build the source of our sustainable energy here in Arizona, where the abundant solar energy surrounds the region. Quality batteries, made right here in the Copper State, will reach every corner of America to provide power." "This transformative investment will have a lasting impact not only in Arizona, but across the country and moves us one step closer toward our clean energy goals," said Governor Katie Hobbs. "These are the jobs of the future - and the State of Arizona is committed to being an active partner in ensuring Arizonans have the skills to fill these jobs." LG Energy Solution has another stand-alone facility in Michigan, which was built a decade ago and is currently undergoing expansion that would quintuple its average annual production capacity. The company also has five other joint venture facilities in the U.S. with major automakers, including General Motors, Honda, and Hyundai Motors Group, representing its full-fledged efforts to provide IRA-compliant batteries that will expedite the clean energy transition in the country. With the Arizona complex, the company has now secured the most diverse and competitive product portfolio, which encompasses pouch-type and cylindrical batteries for EVs and LFP batteries for ESS, in North America. "By further expanding our product portfolio and offering diverse options to our customers, we will continue to strengthen our market competitiveness," said David Kim, CEO of LG Energy Solution. "We also expect to keep growing in the global market by maximizing customer value through unmatched technology leadership." About LG Energy Solution LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co., Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.
HANGZHOU, China, April 3, 2024 /PRNewswire/ -- Jiuzi Holdings Inc. (Nasdaq: JZXN; the "Company" or "JZXN"), an emerging new energy vehicle (NEV) dealership group operating under the brand name "Jiuzi" in China, announced today that Shenzhen Jiuzi New Energy Holding Group Co., Ltd. ("Shenzhen Jiuzi"), a wholly owned subsidiary of the Company, entered into a non-binding letter of intent ("LOI") for the acquisition of Shenzhen Maigesong Electric Technology Co., Ltd. ("Shenzhen Maigesong"). Pursuant to the terms of the LOI, Shenzhen Jiuzi will acquire 100% of the equity of Shenzhen Maigesong in exchange for certain restricted share compensation of the Company and upon the completion of the acquisition, the Company shall invest RMB 30 million to fund the construction of Shenzhen Maigesong's rechargeable lithium battery production line. This investment will be divided into two stages, with RMB 15 million to be invested by the end of April 2024 and another RMB 15 million by the end of November 2024. The construction of this production line will be led by the original shareholders of Shenzhen Maigesong, Mr. Li Song and Mr. Fan Xuejun (the "Maigesong Shareholders"). Upon the completion of the battery production line, it will immediately commence production and sales of rechargeable lithium battery products. The LOI includes an earnout provision which provides that Shenzhen Maigesong shall achieve a revenue target of RMB 119.81 million by the end of December 2025, and a revenue target of RMB 504.22 million by the end of December 2026. The parties agreed in the LOI that if the actual revenue generated between 2024 and 2025 falls below 80% of the revenue target, the Maigesong Shareholders will provide corresponding compensation measures with their held shares and lose control of Shenzhen Maigesong. The inclusion of the earnout provision holds significant importance for both the Company and Shenzhen Maigesong. It clearly defines the rights and responsibilities of both parties and represents not only a risk and challenge but also opportunity and motivation. Both parties will work together to achieve the revenue targets and promote the sustained development and growth of the enterprise. About Jiuzi Holdings, Inc. Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third and fourth-tier cities in China. The Company mainly sells battery-operated electric vehicles and sources NEVs through more than twenty NEV manufacturers. It has 51 operating franchise stores and one company-owned store. For more information, visit the Company's website at http://www.zjjzxny.cn/. About Shenzhen Maigesong Electric Technology Co., Ltd. Maigesong Electric specializes in the design and development of embedded battery control systems, providing customers with products or key components through ODM or SKD models, as well as intellectual property licensing. It also provides comprehensive technical support and ancillary services. The company holds nearly a hundred patents and has obtained over ten system certifications, including UL (UL2054-2011) (U.S. safety standard for household and commercial batteries) and CB (IEC62133-2:2017) (EU safety certification for lithium-ion batteries used in portable electronic products).For more information, visit the Company's website at http://www.mgxon.com/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Specifically, forward-looking statements may include statements related to the following matters of the Company: Ability to implement its business plan; Changes in the Company's product and service market; and Expansion plans and opportunities. These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the occurrence of any event, change or other circumstances that could give rise to the terms of the LOI not hereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the LOI following announcement of the LOI and transactions contemplated therein; the ability of the Company to meet NASDAQ listing standards in connection with the consummation of the transaction contemplated therein; the inability to complete the transactions contemplated by the LOI due to the failure to meet certain closing conditions; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the LOI and consummation of the transaction described therein; costs related to the proposed acquisition; changes in applicable laws or regulations; the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by the Company. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events, circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
HONG KONG, April 3, 2024 /PRNewswire/ -- The industry is pedalling into high gear as global two-wheel enterprises prepare for Asiabike Jakarta (ABJ) 2024, where over 90 leading exhibitors will showcase their latest sustainable mobility solutions supporting Indonesia's commitment to a greener future. This inaugural two-wheeler trade fair rolls into Jakarta International Expo from 30 April – 4 May. Under the theme 'Future on Wheels', buyers can explore the full spectrum of green mobility solutions focusing on E-mobility, health and lifestyle cycling, and E-evolution for new and renewable energy. E-mobility: highlight the growing sustainable transportation movement through its E-mobility showcase. Visitors can explore the latest electric two-wheelers and experience cutting-edge advances in E-mobility technology, including innovations with improved battery ranges and life, faster charging capabilities, and enhanced vehicle performance. Exhibitors include Aima, Baoshima, Bodo, Da Huan, Datai, Dfjzdj, Dimen, Fardriver, Freepath, Gobao, Goldmotto, Gowei, Hochwert, Kenli, Kuama, Lima, Luyuan, Mimbob, Naicisports, Nanpu, Ofero, Okuley, Oudie, Pony, Queenshow, Shiwei, Sinc Lithium Battery, Smark, Sunra, Suring, Taihong, Tailg, Tbit, Teyin, Tfsmilee, Wang Zheng, Winblaze, Xinhua, Yadea and Zijazo. Health and lifestyle cycling: recognising the health benefits of cycling, this concept will feature the innovative products and services that maximise the wellness potential of every ride. From fitness-focused accessories to solutions promoting an active lifestyle, attendees can discover how integrating cycling into their routine can enhance both physical and mental well-being. Suppliers such as Carbon Valley, Carbonal, Chiba, Delium And Deli Tire, Enchess, Hangyi, Kinlin, Ledlink, Len Joy, Navigate, Pai, Phoenix, Pacific, Tannus, Vipper, Zhufeng and ZT will highight these relevant products. E-evolution: To facilitate the transition to sustainable electric vehicles, experts will examine the environmental, financial and performance advantages that electric vehicles provide. For example, how electric two-wheelers can reduce emissions and fuel costs while increasing joy of riding. Brands including Cnae, Dipper Star, Farasis Energy, Lide, Lomensa, Mda, Phylion, Raysmart, Sans, Scud Power, Shanshan, Xietong, X-Power and Yuye Technology are set to reveal these techologies. Asiabike Jakarta is strategically co-located with the Periklindo Electric Vehicle Show – dedicated exclusively to the development of the electric vehicle ecosystem. As an added benefit, registered buyers will enjoy free admission to the concurrent "Periklindo Electric Vehicle Show". Asiabike Jakarta is organised by Messe Frankfurt (HK) Ltd, Periklindo (Indonesian Electric Vehicle Industry Association), Pt. Dyandra Promosindo and Jiangsu Bicycle Co Ltd. Social media and website:http://www.asiabikejakarta.comhttps://www.facebook.com/Asiabikeshowhttps://www.linkedin.com/company/asiabike-show/https://www.instagram.com/asiabike_show/ABJ #twowheeler Telly CheukMesse Frankfurt (HK) Ltd+852-2238-9956Telly.Cheuk@hongkong.messefrankfurt.com
PALO ALTO, Calif., April 2, 2024 /PRNewswire/ -- Xiaomi, a leading technology company, has officially launched its first mass-produced electric vehicle, the Xiaomi SU7, in Beijing. This all-new high-performance sedan represents Xiaomi's entry into the electric vehicle market and showcases its exceptional capabilities in car manufacturing. Xiaomi Unveils Revolutionary SU7 Electric Vehicle Equipped with Hesai High-Performance Lidar The Xiaomi SU7 Pro and Max versions utilize Hesai's high-performance AT128 long-range lidar, marking a significant milestone in intelligent driving technology. With over 88,898 reservations within the first day of its release, the Xiaomi SU7 is set to start deliveries in April and May for the Pro and Max versions, respectively. The Xiaomi SU7 is designed with a unique "pebble" aesthetic and integrates Hesai's AT128 lidar in a sleek "watchtower style" on the roof, enhancing both its elegance and aerodynamic performance. This collaboration between Xiaomi and Hesai has resulted in an optimal solution that balances aesthetics with functionality, reducing wind resistance and achieving a harmonious blend of speed and style. Xiaomi's innovative approach to intelligent driving is evident in its full-stack, self-developed technology architecture, which includes advanced high-resolution perception. The company's end-to-end technology simplifies the intelligent driving by directly converting images into driving trajectories, offering a human-like driving experience. The Pro and Max versions of the SU7 are equipped with the Xiaomi Pilot Max intelligent driving solution, which incorporates the NVIDIA DRIVE Orin computing platform and Hesai's ultra-high-definition AT128 lidar. This synergy between software and hardware significantly enhances perception reliability, positioning the Xiaomi SU7 as a leader in intelligent driving capabilities. Hesai's AT128 lidar, a key component of the Xiaomi Pilot Max, features 128 independent VCSEL lasers, providing unparalleled imaging capabilities and long-range detection. This technology ensures rich high-quality 3D scanning to supporting the Xiaomi SU7's advanced intelligent driving system and promoting safer, more efficient driving experiences. Hesai Technology, a global leader in the lidar industry, surpassed 300,000 units delivered in 2023, solidifying its position as a trusted lidar supplier for intelligent driving applications. With its strong manufacturing capabilities and high product quality, Hesai is poised to support Xiaomi's venture into the automotive market. Looking ahead, Hesai and Xiaomi are committed to deepening their collaboration, focusing on the "human-vehicle-home ecosystem" strategy. Together, they aim to drive the advancement of intelligent driving technology, expand application areas, and deliver safer, more enjoyable travel experiences to users worldwide. About XiaomiXiaomi is a global technology leader that aims to create a better life for everyone through innovative technology. From smartphones and smart hardware connected by an IoT platform to electric vehicles, Xiaomi is dedicated to building products that offer top-notch quality and performance. About Hesai TechnologyHesai Technology is at the forefront of the global LiDAR industry, specializing in developing high-performance LiDAR solutions for autonomous driving and other applications. With a focus on innovation and quality, Hesai is committed to advancing the field of intelligent driving and enhancing the safety and efficiency of automotive technologies.
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Electric Vehicles
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