February 9, 2023

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Nice Wall Huaguan Automotive, the dad or mum corporate of Qiantu Motor, introduced on Monday that it has signed a proper merger settlement with Mountain Crest Acquisition Corp., a unique goal acquisition corporate (SPAC). Qiantu Motor is predicted to make its debut within the U.S. by means of the tip of December this yr, with a valuation of $1.25 billion.

Nice Wall Huaguan will leverage the capital markets to stably and temporarily follow the leading edge applied sciences it’s been operating on for a very long time to its more moderen fashions to be able to convey customers an clever, extra personalised and distinctive enjoy.

Based in 2003, Nice Wall Huaguan Automotive at first concerned about car design. It based a wholly-owned emblem, Qiantu Motor, and was once indexed at the Nationwide Equities Trade and Quotations (NEEQ) in 2015 however withdrew its list in April 2019. In accordance to a couple trade analysts, the corporate had to withdraw from the change since “The producing of a automobile is capital extensive. The low transaction quantity of the NEEQ may just no longer meet the call for for capital for Qiantu Motor.”

After coming into the car trade, Qiantu Motor introduced the Qiantu K50 style in August 2018, which was once located as a natural electrical sports activities automobile with a price ticket as top as 686,800 yuan. Because of Nice Wall Huaguan Automotive’s delisting, Qiantu Motor needed to forestall manufacturing after promoting about 100 automobiles.

Then again, as stagnated as Qiantu Motor is, the corporate has no longer given up. Lu Qun, chairman of Qiantu Motor, stated that its dad or mum corporate were on the lookout for a brand new financing platform after its delisting and that the primary frame to be indexed someday had no longer been was once no longer made up our minds simply but.

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In February this yr, Qiantu Motor reached an settlement with Diyar Alwatan Buying and selling & Cont. Co., a Saudi Arabian corporate, and China Bridge Capital. The 3 events will collectively advertise the marketplace construction, analysis and gross sales of Qiantu Motor in Saudi Arabia.

Consistent with the settlement, Qiantu Motor will ship the primary batch of its Qiantu K50 to Saudi Arabia inside of the following few months. The corporate is additionally laying out an in depth in another country plan and intends to show it quickly.

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As well as, Qiantu Motor on Tuesday introduced its car-making mode via an internet convention. It is going to follow new non-steel fabrics to its automobiles to put in force scale personalised customization at scale.