BAIYU announces MoU with industry experts to explore new energy vehicle

BAIYU Holdings announced that on May 20, the Company entered into a memorandum of understanding, or MoU, with certain industry experts to explore new energy vehicle, or NEV, projects and international market ventures. This strategic move reflects BAIYU’s ambition to expand into the rapidly growing and promising global NEV market. According to the MoU, BAIYU and the Partners intend to conduct the new business through Electra New Energy Vehicle, a U.S.-registered company based in Los Angeles specializing in the NEV sector. BAIYU and the Partners anticipate holding 60% and 40% equity interests in ENEV, respectively. Both parties plan to collaborate to establish a prominent NEV brand. BAIYU expects to potentially invest a total of $3M in ENEV as operational capital over the next three years. Under the MoU, BAIYU intends to oversee the daily operations and management of ENEV, encompassing procurement, manufacturing, supply chain, marketing, and financing for NEV prototypes, spare parts, charging piles, and energy storage equipment in China. The Partners aim to handle market development, order acquisition for NEVs, charging piles, and energy storage equipment in international markets, and secure overseas financing.