Jiuzi up on deal with Chinese EV brand distributor
15/12/2021 13:44
** Shares of China-based new energy vehicles retailer
JZXN.O up 11.2% at $1.78 premarket - set to snap two-day
losing streak
** JZXN says on Nov. 26 it entered into a sales cooperation
agreement with Chinese EV brand distributor Brilliance Xinri
Automobile Sales Co Ltd
** Adds, JZXN entered into the deal through its wholly-owned
subsidiary Zhejiang Jiuzi New Energy Vehicles Co Ltd
** Under the agreement, Zhejiang will establish a franchise
store in Hangzhou City, exclusively for promotion and sales of
Brilliance Xinri EVs
** Brilliance will offer training and cover training-related
expenses for the franchise store's sales crew
** As of last close, stock had fallen ~91% since May debut
(Reporting by Tiyashi Datta in Bengaluru)
((tiyashi.datta@thomsonreuters.com))