NEW YORK, July 14, 2023 (GLOBE NEWSWIRE) -- Chijet Motor Company, Inc. (NASDAQ: CJET) (the “Company” or “Chijet”), today announced that its majority-owned subsidiary FAW Jilin Automobile Co., Ltd. ("FAW Jilin") has completed the first shipment of automobile orders to Peru through its newly developed export operation at Tianjin Port, China. This milestone marks the official opening of FAW Jilin's dual-channel export model, signifying a new phase of development for the Company’s international marketing business.
Previously, FAW Jilin relied on its minority shareholder, China FAW Co., Ltd. ("FAW Group"), for international trade. However, in response to dynamic Chinese market conditions, including intensified price competition in 2023, FAW Jilin established its own overseas market and export team alongside FAW Group's import and export company.
With strong support from FAW Group, FAW Jilin has implemented its own overseas sales platform and established a dual-channel export model by leveraging both FAW Group's export channel and its own export channel. In a recent breakthrough, FAW Jilin’s self-operated export operation team secured its first order in the Peruvian market. Leveraging efficient logistics through Tianjin Port, FAW Jilin successfully shipped the order in early July 2023. This milestone shipment marks the successful implementation of FAW Jilin's self-operated export operation, solidifying the official opening of FAW Jilin's second overseas marketing channel, presenting a new chapter of growth and expansion for its global business footprint.
As a key subsidiary of Chijet, FAW Jilin has achieved notable milestones in recent years, including advancements in product research and development, integration of innovative technologies, and expansion of domestic and global market presence. With access to the dual-channel export model, FAW Jilin anticipates future export orders and growing prominence in the international market arena.
FAW Jilin Vehicles
About Chijet Motor Company, Inc.
The primary business of Chijet is the development, manufacture, sales, and service of traditional fuel vehicles and NEVs. State-of-the-art manufacturing systems and stable supply chain management enable the Company to provide consumers with products of high performance at reasonable prices. In addition to its large modern vehicle production base in Jilin, China, a factory in Yantai, China will be dedicated to NEV production upon completion of its construction. Chijet has a management team of industry veterans with decades of experience in engineering and design, management, financing, industrial production, and financial management. For additional information about Chijet, please visit www.chijetmotors.com.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Chijet’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding Chijet’s leadership team, Chijet’s continued growth and financial and operational improvements, along with those other risks described under the heading “Risk Factors” in the prospectus Chijet filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2023, and those that are included in any of Chijet’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Chijet and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chijet undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
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