MEG (Mobile Energy Global) division is happy to reveal that its Qingdao branch Qingdao Chengyang Ainengju New Energy Sales and Service Co. has struck a core strategic partnership deal with Zhejiang Qinou Holding Group Co., Ltd (Qinou Group).
Following the terms of the deal, MEG will offer Qinou Holdings with its sales to financing, S2F, capabilities, to aid the acquisition and funding of the batter and electric taxis exchange mechanisms.
Taxi line drivers have been reluctant to change to EVs because of the raised period of time taxis have to use offline for recharging. The battery swapping technology of Qinou Group explains this challenge, allowing taxi drivers to boldly embrace EV taxis and satisfy regulatory conditions. Qinou Group concentrates on the control of smart riding power swapping systems, helping fast and easy battery swapping, and is devoted to the growth and running of the smart riding ecosystem.
It offers a complete suite of technical solutions, battery packages, and battery substitute and charging locations created via it CEMIBO SrL and CEMU Studio LLP subsidiaries in Bologna, Italy.
Qinou Group and MEG will together run electric taxis with battery swapping capabilities in Zhejiang, Sichuan, Shandong, Jiangsu, Inner Mongolia, Shanxi. This includes some orders being obtained by MEG. This is a way to assist support the collaboration.
The marketing partnership intends to extend to other areas in the future. Qinou Group and MEG estimate sellouts of 30,000 units by 2023, worthy RMB 4 Billion ($562 million). The direct sales estimates are 50 units in the Q2 2020, worthy of nearly RMB 6.8 million ($1 million). Qinou Group and MEG estimate up to 5,000 units, worth nearly RMB 650 million ($91 million) for 2020.
The US GAAP accounting treatment for the expected revenue from the above orders will not be completed until the order sales finish. Thus, the revenue may be reported on a Net or Gross basis and some part may be delayed to future accounting sessions.