Chijet Motor Company, Inc. (NASDAQ:CJET) (the “Company” or “Chijet”), today announced that its majority-owned subsidiary FAW Jilin Automobile Co., Ltd. (“FAW Jilin”) has completed the first shipment of automobile orders to Peru through its newly developed export operation at Tianjin Port, China. This milestone marks the official opening of FAW Jilin’s dual-channel export model, signifying a new phase of development for the Company’s international marketing business.
Previously, FAW Jilin relied on its minority shareholder, China FAW Co., Ltd. (“FAW Group”), for international trade. However, in response to dynamic Chinese market conditions, including intensified price competition in 2023, FAW Jilin established its own overseas market and export team alongside FAW Group’s import and export company.
With strong support from FAW Group, FAW Jilin has implemented its own overseas sales platform and established a dual-channel export model by leveraging both FAW Group’s export channel and its own export channel. In a recent breakthrough, FAW Jilin’s self-operated export operation team secured its first order in the Peruvian market. Leveraging efficient logistics through Tianjin Port, FAW Jilin successfully shipped the order in early July 2023. This milestone shipment marks the successful implementation of FAW Jilin’s self-operated export operation, solidifying the official opening of FAW Jilin’s second overseas marketing channel, presenting a new chapter of growth and expansion for its global business footprint.
As a key subsidiary of Chijet, FAW Jilin has achieved notable milestones in recent years, including advancements in product research and development, integration of innovative technologies, and expansion of domestic and global market presence. With access to the dual-channel export model, FAW Jilin anticipates future export orders and growing prominence in the international market arena.
