NextEV and JAC Motors sign 10 billion strategic partnership

[April 6, 2016] NextEV and JAC Motors signed a comprehensive strategic cooperation agreement，worth up to ten billion RMB，in the field of electric vehicles．

Founded in late 2014 with the goal to become the world’s first ＂user enterprise＂，NextEV specializes in the design and development of high-performance electric vehicles．NextEV was founded by world-class enterprises and entrepreneurs including Tencent；Bitauto.com founder William Li；autohome.com.cn founder Xiang Li；JD.com founder Richard Liu，and well-known investment institutions including Hillhouse Capital；Sequoia Capital and JOY Capital．NextEV is headquartered in Shanghai，with world-class design，research and development offices in San José，Munich，Beijing，Hong Kong，and London．

JAC Motors is one of China’s leading electric automakers，with a history of more than 50 years in the manufacture of advanced energy efficient cars and electric vehicles．

NextEV and JAC Motors will partner to bring the industry forward，through the sharing of their joint technical expertise，supply chain，marketing，advanced manufacturing，and capital．

NextEV founder，Chairman William Li said，＂The electric car is the future of China's automobile industry，and domestic auto enterprises need to work together and form win-win relationships，if they wish to compete globally．JAC Motors is a pillar of the Chinese automotive industry，and NextEV’s strength in research and development，and user experience，will complement JAC Motor’s expertise in manufacturing and its supply chain，as well as provide a great boost in the research and development of electric vehicles．The ideas，business，and complementary advantages resulting from the cooperation of our two companies will reduce duplication of infrastructure，duplication of investment，as well as increase innovation capability and efficiency of the entire industry，ultimately enhancing the international competitiveness of China's electric automotive industry．＂

JAC Motors chairman Jin An expressed great expectations for the cooperation with NextEV，saying，＂NextEV’s DNA of leading Internet companies and entrepreneurs has brought together the world's leading automotive engineering，EIC，software，user experience，R&D and management teams．This partnership with NextEV，will promote the JAC Motor brand and technological know-how，and promote JAC Motor’s intelligent manufacturing and intelligent products．Our two companies will build an automobile platform for the mobile Internet era，promote the development of the electric automotive industry，and raise the level of China's electric automotive industry．＂