Gelonghui, November 8 | Wanfeng Aowei (002085.SZ) announced that the company's subsidiary Wanfeng Aircraft Industry Co., Ltd. (hereinafter referred to as “Wanfeng Aircraft”) signed a “Memorandum of Understanding on the Establishment of a Joint Venture” with the head office set up by a world-renowned automobile manufacturer in China. The two sides plan to jointly establish a joint venture through strategic cooperation, and will carry out in-depth cooperation in the field of electric vertical take-off and landing vehicles (eVTOL).
The strategic partner for the establishment of the joint venture was Volkswagen (China) Investment Co., Ltd. (hereinafter referred to as “Volkswagen (China)”). Volkswagen (Germany) AG (hereinafter referred to as “Volkswagen (Germany)”) holds 100% of the shares of Volkswagen (China) and is the controlling shareholder of Volkswagen (China).
Since Wanfeng Aircraft and Volkswagen (China) signed the “Memorandum of Understanding on the Establishment of a Joint Venture”, the two sides have discussed commercial operation plans and other aspects involved in the joint venture. After thorough consideration of the cooperation model, the two sides agreed to cancel the cooperation model to establish a joint venture. Other provisions of the memorandum of understanding will continue to be implemented, and the two sides will still maintain close ties and continue to cooperate in fields such as vehicle weight reduction.
Based on Volkswagen (Germany) technology development accumulation in the field of electric vertical take-off and landing aircraft (eVTOL) and Wanfeng Aircraft's advantages in the field of global navigation, Wanfeng Aircraft and Volkswagen (Germany) signed a “Memorandum of Understanding on Technical Cooperation in the Field of Electric Vertical Take-off and Landing Aircraft (eVTOL)”. The two sides agreed to carry out related cooperation in the field of electric vertical take-off and landing aircraft (eVTOL), mainly including industrial design, interior and exterior parts design in the aviation field, human-computer interaction, and information software and hardware development; at the same time, Wanfeng Aircraft plans to purchase relevant intellectual property rights and assets from Volkswagen (Germany).
With support from Volkswagen (Germany), Wanfeng Aircraft plans to independently develop and future commercialize large-scale industrial vertical mobility solutions using aircraft as carriers. Based on the mutual will of both parties, the relevant intellectual property rights and asset transfer agreements are exclusive within 12 months from the date this Memorandum is signed.
