Summary by Moomoo AI
ULAI GROUP (ULAI) ANNOUNCED ON 26 FEBRUARY 2024 THAT ITS SUBSIDIARY VELAI AUTOMOTIVE TECHNOLOGY (ANHUI) LIMITED HAS ENTERED INTO A TECHNICAL LICENSING AGREEMENT WITH FORSEVEN LIMITED (FORSEVEN), A SUBSIDIARY OF CYVN HOLDINGS L.L.C. Under the agreement, Wai will grant Forseven a non-exclusive and non-transferable global license to use the technical information, solutions, software and intellectual property rights to Forseven's intelligent electric vehicle platform for the development, manufacture, sale, import and after-sales service of Forseven brand models. VLAI will be charged a fixed upfront license fee and a royalty fee based on sales. The Agreement will continue until the end of production of the Licensed Product or Forseven terminates the after-sales service and may be terminated under certain conditions. ULAI IS A LEADING BRAND IN THE SMART ELECTRIC CAR MARKET, OFFERING A VARIETY OF HIGH-END SMART ELECTRIC VEHICLES AND COMMITTED TO TECHNOLOGICAL INNOVATION.