Chijet Motor Expands Reach to Rural Areas, Leveraging New Policies

By: Chijet Motor Company, Inc. via GlobeNewswire

October 16, 2023 at 08:30 AM EDT

JILIN CITY, China, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Chijet Motor Company, Inc. (NASDAQ: CJET) (the “Company” or “Chijet Motor”), a player in the new energy vehicle (NEV) market, is pleased to announce the successful culmination of its recent rural marketing events for NEV, representing a significant initiative by Chijet Motor to execute on its expansion strategy.

This achievement underscores the success of Chijet Motor's strategic initiative to penetrate rural areas with its high-quality NEV offerings. Leveraging the Chinese government's push for NEV adoption in rural regions, Chijet Motor's products have gained substantial traction among rural consumers. Known for their exceptional quality, cost-effectiveness, and versatile usage scenarios, Chijet Motor's NEV products have resonated with consumers in suburban and rural markets across China. Chijet Motor's marketing team has capitalized on the opportunities presented by government policies, such as the Chinese National Development and Reform Commission and the National Energy Administration's 'NEV Going Rural' campaign. They have implemented a variety of business-to-consumer (B2C) marketing initiatives. The Company has organized group car viewings and facilitated live vehicle displays, product promotion, feature explanations, and test drives for the R7 and R9 PHEV passenger cars, along with the V80EV commercial vehicle.

The R7 series, offering both conventional fuel and battery electric power modes, has received particularly positive feedback. The battery electric vehicles (BEVs) in this series are equipped with ternary lithium batteries, providing a maximum range of up to 460 kilometers. The R9 PHEV, a novel hybrid SUV model, boasts a combined range exceeding 1,100 kilometers. The V80EV plays a pivotal role as a logistics BEV in the "last mile" of urban logistics.

Chijet Motor views this NEV sales initiative in rural areas as a crucial strategy to broaden its sales channels. With the government's commitment to bringing cars to rural regions and its increasing focus on green and low-carbon transformation, the Company anticipates that NEVs will become a common sight in suburban and rural markets. This strategic foray into rural markets is poised to fuel Chijet Motor’s continued growth and development.

About Chijet Motor Company, Inc.

The primary business of Chijet Motor 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 Motor 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 Motor, please visit www.chijetmotors.com.

Chijet Motor Contact:
2888 Donshan Street
Gaoxin Automobile Industrial Park
Jilin City, JL. P.R.China
0535-2766202
EMAIL: info@chijetmotors.com

Forward-Looking Statements

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 Motor’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 Motor’s leadership team, Chijet Motor’s continued growth and financial and operational improvements, along with those other risks described under the heading “Risk Factors” in the prospectus Chijet Motor filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2023, and those that are included in any of Chijet Motor’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 Motor 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 Motor 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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Chijet Motor Expands Reach to Rural Areas, Leveraging New Policies

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