Zhongwei Corporation: Signed a long-term supply contract with Tesla with a term of 3 years

[ Zhongwei Corporation: Signed a long-term supply contract with Tesla with a term of 3 years ]

On January 29, 2024, Zhongwei Group announced that the long-term supply contract signed between the company and Tesla has a term of 3 years. In March 2020, the company signed a Production Pricing Agreement (China) with Tesla, Inc., and Tesla (Shanghai) Co., Ltd. (hereinafter referred to as "Tesla"). The company supplied battery material ternary precursor products to Tesla from January 2020 to December 2022. In order to further extend and deepen the friendly cooperation between the two parties, based on the above contract, the company and Tesla signed the Production Pricing Agreement (hereinafter referred to as the "Contract") on July 30, 2022. The contract stipulates that the company will supply battery material ternary precursor products to Tesla from January 2023 to December 2025.

The impact of the Long Term Supply Contract on the company:

1. Tesla is a leading global electric vehicle manufacturer, and the signing of the contract strengthens the long-term stable cooperation between the company and Tesla, which is in the interests of the company and shareholders.

2. The company will recognize revenue in the relevant year based on the performance of the contract, which is expected to have a positive impact on the company's operating performance in the relevant year. The performance of the contract will not have an adverse impact on the company's business independence, and the company will not form a significant dependence on customers as a result.

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