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The partnership will allow both parties to leverage their respective resource advantages and prioritize each other's needs. The two companies will explore the potential for the application of S-TECH's technologies and products to assist TuanChe's model development as part of the Company's strategic expansion into the new energy vehicle ("NEV") market

TuanChe and S-TECH Technology Establish Strategic Cooperation to Develop and Market New Energy Vehicles

TuanChe Limited ("TuanChe" or the "Company") (NASDAQ: TC), a leading integrated automotive marketplace in China, has recently signed a strategic cooperation agreement with Beijing S-TECH Technology ("S-TECH"). S-TECH is a research-based technology company, specializing in bespoke vehicle research, development and design, as well as automotive parts development and manufacturing

By AP News
Published - Nov 04, 2022, 06:06 AM ET
Last Updated - Apr 22, 2024, 04:50 AM EDT

BEIJING, Nov. 4, 2022 /PRNewswire/ -- TuanChe Limited ("TuanChe" or the "Company") (NASDAQ: TC), a leading integrated automotive marketplace in China, has recently signed a strategic cooperation agreement with Beijing S-TECH Technology ("S-TECH"). S-TECH is a research-based technology company, specializing in bespoke vehicle research, development and design, as well as automotive parts development and manufacturing.

The partnership will allow both parties to leverage their respective resource advantages and prioritize each other's needs. The two companies will explore the potential for the application of S-TECH's technologies and products to assist TuanChe's model development as part of the Company's strategic expansion into the new energy vehicle ("NEV") market. The strategic cooperation agreement represents another step forward for TuanChe to bolster its core automotive development team with industry alliances, enabling the Company to expedite its time to market and enhance the market positioning and competitiveness of its vehicles.

"NEVs represent the future of the automotive industry, especially in the context of global decarbonization," said Mr. Wei Wen, TuanChe's Chairman and CEO. "As more consumers are embracing NEVs, intelligent features, differentiated product designs and smooth, personalized user experience have become critical for automakers to stand out from the crowd. With our established automotive team, extensive customer reach and deep user insights, now aided by our collaboration with S-TECH, we are confident in our ability to develop high-quality vehicles and bring our customers more diverse options on our retail platform."

Officially established in 2015, S-TECH is home to a leading professional team and has profound experience in vehicle research and development. With core technological advantages in wire-controlled chassis, intelligent connected vehicles (ICVs), autonomous driving, and multi-material lightweight technology, S-TECH was instrumental in bringing a number of mass produced NEV models successfully to the market. In addition, S-TECH's team members accumulated a wealth of innovative expertise through involvements in designing limited-edition vehicle models for the world's leading automotive brands.

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