• Elephant Automobile and Weichai New Energy Commercial Vehicle signed a joint development agreement to determine that the two sides will jointly develop right-hand drive electric light trucks and jointly develop the global right-hand drive market
• Elephant Auto will continue to further deepen cooperation with Weichai New Energy Commercial Vehicles

HONG KONG, February 28, 2024/PRNewswire/ -- Elephant Future Group, the parent company of ZO Motors Holdings Limited (“ZO Motors” or “ZO Motors”), the world's leading innovative new energy commercial vehicle company, announced that in order to deepen the strategic cooperation between Weichai New Energy Commercial Vehicle Co., Ltd. and the Group, Elephant Motor and Weichai New Energy Commercial Vehicle have formally signed a joint development agreement to clarify the details of the joint development of right-hand electric light trucks.

According to the joint development agreement, Weichai New Energy Commercial Vehicle Co., Ltd. will develop right-hand drive electric light trucks and related technology according to the regulatory requirements and demand characteristics of different right-steering countries.

The proprietary right rudder electric truck design jointly developed this time is jointly owned by Elephant Motor and Weichai New Energy Commercial Vehicle, and the two sides jointly explore the global right-hand drive market.

Elephant Auto is an intelligent new energy commercial vehicle brand originating in Japan. It is a wholly-owned subsidiary of Elephant Future Group [Hong Kong Stock Code 02309], a company listed on the Hong Kong main board. It is mainly engaged in R&D, manufacturing and sales of intelligent new energy commercial vehicles. Commercial vehicles owned by Elephant Motor are mainly sold to overseas markets, and will enter markets such as Japan, the United States, South America, Southeast Asia, and the Middle East in the near future.

On January 16, 2024, Elephant Motor officially signed a comprehensive strategic cooperation agreement with Weichai New Energy Commercial Vehicle to carry out comprehensive and in-depth cooperation in the fields of NEV manufacturing, joint product development and global sales. The two sides announced that they will use new energy products as cooperative models, and use the Weichai New Energy Commercial Vehicle third-generation pure electric platform as the foundation to jointly develop left-hand rudder and right-hand rudder products suitable for the needs of regional markets, and sell them in different markets around the world.

Regarding the signing of the joint development agreement, Elephant Future Group stated that under the framework of the strategic cooperation agreement, the Group will continue to further deepen cooperation with Weichai New Energy Commercial Vehicle. If there is significant progress in the Group's new energy vehicles and related business, the Company will announce it separately in due course.

About ZO Motors

ZO Motors belongs to Daxiang Future Group [HK Stock Code 02309], a company listed on the Hong Kong Main Board, and is a leading global innovative new energy commercial vehicle enterprise originating in Japan.

ZO Motors official website: