Zhejiang Taotao Vehicles (301345.SZ) plans to invest up to $9.5 million in Thailand to establish a production base.

Zhejiang Taotao Vehicles (301345.SZ) announced that in order to meet the company's overseas business development needs, improve the company's production base layout and global supply chain system, enhance the company's competitiveness globally, and promote the company's globalization strategy, the company plans to establish a fully-owned subsidiary TBLAZER (SG) PTE.LTD. in Singapore (tentative name, subject to approval from the Singapore company registration authority). After the establishment of TBLAZER in Singapore, it will jointly invest with the Singapore fully-owned subsidiary BAIKE HOLDING (SINGAPORE) PRIVATE LIMITED (referred to as "Singapore Baike") to establish a subsidiary Trailblazer Vehicles (Thailand) Co., Ltd in Thailand (tentative name, subject to approval from the Thailand company registration authority), to invest in and construct a production base in Thailand. Trailblazer in Thailand plans to invest up to 9.5 million US dollars in Thailand to construct a production base with its own funds or raised funds. The actual investment amount will be subject to approval from the relevant authorities and the investment funds will be used for setting up a fully-owned subsidiary, purchasing land, constructing factories and infrastructure, purchasing machinery and equipment, company operations, qualifications certification, providing working capital, hiring professional institutions, and other related matters.