May 11, 2023, China, In late April, SAIC Hongyan signed the "Strategic Cooperation Framework Agreement" with Fujian Tsingtuo Heavy Industry Co., Ltd.

Tsingtuo Heavy Industry has resource advantages in terms of market and channels. SAIC Hongyan has significant advantages in vehicle products, R&D, and manufacturing. It has 57 years of experience in R&D and manufacturing of heavy trucks. Its products include tractors, dump trucks, trucks, and special-purpose vehicles. Battery replacement and fuel cells are exported to more than 40 countries and regions in the Middle East, Africa, Central America, and Southeast Asia.

In this cooperation, the two parties will give full play to their respective advantages and utilize their respective resources, and jointly carry out in-depth cooperation in heavy truck market development, product development, production and supply, and jointly promote the construction of the heavy truck industry chain and the construction of the ecological circle.

At a key point in the recovery of the heavy truck industry, signing a strategic agreement is a key measure for SAIC Hongyan to expand its market channels. After the signing of the strategic agreement, the two parties will complement each other and achieve win-win cooperation, and SAIC Hongyan will get help from the market and channels. In the process of promoting and implementing the agreement, it will increase the sales volume of the company's heavy-duty trucks and add value to related supporting services. At the same time, it will also broaden the layout of the new energy heavy-duty truck business and add benefits to the company's performance growth.