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On the evening of July 27, Zhongtong officially released a notice that the company would join hands with Broad Ocean Motor (002249) and Liaocheng Development Zone Management Committee in developing fuel cells. In addition, it is revealed that Zhongtong has agreed to invest 50 million RMB to establish Tongyang Fuel Cell (Shandong) Co., Ltd., which will be mainly focused on developing fuel cells, fuel cell drive lines, and new energy vehicle operation platform. Broad Ocean Motor, on the other hand, will make an investment of 440 million RMB in this joint project.
The new company, Tongyang Fuel Cell (Shandong) Co., Ltd., will be involved in a number of business areas, such as developing, producing and marketing driving and electric control systems for electric and hybrid vehicles, fuel cells, control systems, and related spare parts. Moreover, it will be involved in technological transfer, technological services, and consultations.
It is also revealed that Zhongtong will investment 800 million RMB in setting up its wholly owned subsidiary, Zhongtong Bus Sales Co., Ltd., which will be specialized in selling vehicles and vehicle spare parts and providing related services; providing vehicle rental services; selling recharging facilities for electric vehicles and providing related installation and maintenance services; providing vehicle-related technological consulting services.