Seres Acquires Ownership of Super Factory with 8.16Billion Yuan Deal
Chongqing, China – September 13,2024 – Seres Group Co., Ltd. has announced its intention to acquire 100% of Longsheng New Energy for 816,395.20 million yuan (approximately 8.16 billion yuan) through a share issuance. This move will grant Seresownership of the Super Factory, a crucial asset for the production of its AITO series of intelligent electric vehicles.
Longsheng New Energy, a project company established specifically to serve the production of new energy vehicles, is the implementing entity forthe infrastructure supporting projects within the Longxing New City Intelligent Connected New Energy Vehicle Industrial Park in the Two Rivers New District. Its primary assets include land, real estate, infrastructure, and related supporting facilities essential for the production of new energy vehicles,forming the foundation of the Super Factory.
Prior to this acquisition, Seres leased the Super Factory from Longsheng New Energy to manufacture its AITO series of vehicles. The completion of this transaction will see Longsheng New Energy become a wholly-owned subsidiary of Seres, granting the company complete ownership of the SuperFactory. This acquisition is expected to enhance the security and stability of Seres’ production, ensuring greater autonomy and control over its manufacturing processes.
This acquisition is a significant step forward for Seres, said [Seres spokesperson], It secures our production capabilities and allows us to further strengthen our position in the rapidlygrowing new energy vehicle market. By owning the Super Factory, we gain greater control over our supply chain and can better meet the increasing demand for our AITO series vehicles.
The announcement of this acquisition comes alongside another significant development for Seres. The company has also announced a 50 billion yuan capital injection into itswholly-owned subsidiary, Seres Automobile Co., Ltd. This investment will further bolster Seres’ financial position and support its ongoing expansion plans.
Seres has been making significant strides in the new energy vehicle market, particularly with its AITO series, which has garnered considerable attention for its advanced technology and stylish design.The acquisition of the Super Factory and the capital injection into Seres Automobile are clear indicators of the company’s commitment to further strengthening its position in this competitive market.
This acquisition is expected to have a positive impact on Seres’ future performance. By securing ownership of the Super Factory, the company can streamline its productionprocesses, optimize its supply chain, and enhance its overall efficiency. This, in turn, will allow Seres to further expand its product offerings and cater to the growing demand for new energy vehicles.
The acquisition of Longsheng New Energy and the capital injection into Seres Automobile are significant milestones for the company. They demonstrateSeres’ commitment to innovation, growth, and its ambition to become a leading player in the global new energy vehicle market.
About Seres
Seres Group Co., Ltd. is a leading Chinese manufacturer of new energy vehicles. The company is known for its AITO series of intelligent electric vehicles,which are renowned for their advanced technology, stylish design, and high performance. Seres is committed to developing and producing high-quality, environmentally friendly vehicles that meet the needs of a rapidly evolving automotive market.
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