SHENZHEN, China, July 26, 2021 /PRNewswire/ -- MingZhu
Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ:
YGMZ), an elite provider of logistics and transportation services,
today announced it has entered into a non-binding memorandum
of understanding ("MOU") with Damo Electric Truck ("DAMO").
Under the MOU, Mingzhu will set up a joint venture ("JV") with DAMO
and DAMO will transfer its operating business and all IP it has
developed or is currently developing into the JV .MingZhu plans to
deploy the next-gen trucks into its expansive existing network,
including coal transportation and container transportation within
the Yantian International Container Terminals, one of the busiest
container terminals in the world.
DAMO Electric Truck (www.damotruck.com) is a fast growing
developer dedicated to developing zero-emission automated
truck equipped with a single charge range of up to 2,000 km
and combined with AI, 5G, automated driving technology, battery
technology and micro-turbine generator technology. DAMO has
developed a highly efficient, low cost, complete logistics
solution, helping customers reduce operating costs by approximately
60% and increase efficiency by an estimated 200%. DAMO's
advanced battery solution, combined with Autopilot technology,
overcomes current challenges in the electric truck sector.
The Company, with adoption of mature and road-tested driverless
technology, has received orders of intent from customers in key
international markets. DAMO recently announced its series A
funding, led by prominent investors and industry experts, including
the co-founder of a leading Internet technology company.
Mr. Jinlong Yang, Chairman and
Chief Executive Officer of MingZhu Logistics Holdings Limited,
commented, "We are excited to now bring EV-autonomous technology to
the freight truck market. We believe this will revolutionize
the market and puts us at the center of the market's fastest
growing vector. The synergistic effect between DAMO and
MingZhu will help maintain a strong supply chain and hardware
design control. We will use a collaborative approach to
create semi-trucks designed and built with integrated auto grade
components and sensors to further increase reliability and
effectiveness."
Mr. Yang continued, "We were attracted to DAMO because it
met all of our investment criteria, including its strong market
position, underlying proprietary technology, proven management team
and established, large addressable markets. DAMO's commitment
to technology leadership as one of the only companies in
China with micro-turbine engine
technology, will enrich our proprietary technology to drive
dramatic operating and logistic cost reductions for customers, with
equally impressive improvements in efficiency and return on
investment. We believe our unmatched partnership will create a
significant and sustainable competitive advantage to further
intensify our strategic development."
About DAMO Electric Truck
The future is in smart, electric and autonomous vehicles, and we
aim to lead the way. We want to redefine what premium service
means for a truck company. When the ownership experience exceeds
expectations, electric vehicles will simply become the natural
choice for everyone, leading to a more sustainable tomorrow. The
Company's vertically integrated electric truck business also
includes hardware manufacturing, a cloud computing mobile platform,
blockchain-based supply chain financial solutions, and deep
services for customers. More information about DAMO can be
found at www.damotruck.com.
About MingZhu Logistics Holdings Limited (NASDAQ:
YGMZ)
Founded in 2002, NASDAQ listed, Shenzhen,
China based, MingZhu is 4A-grade trucking services provider,
offering both network density and broad geographic coverage to meet
customers' diverse transportation needs. The Company operates two
regional terminals in Guangdong
Province and Xinjiang Autonomous Region, respectively, with
both self-own fleets of tractors and trailers and subcontractors'
fleets. More information about MingZhu can be found at:
ir.szygmz.com
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the trucking services market in China and the other international markets the
Company plans to serve; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and the international markets the
Company plans to serve and assumptions underlying or related to any
of the foregoing and other risks contained in reports filed by the
Company with the SEC. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the SEC, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward–looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE MingZhu Logistics Holdings Limited