On November 8, Gelunhui announced that its subsidiary Wanfeng Aviation (002085.SZ) had previously disclosed that it had signed a Memorandum of Understanding on Establishing a Joint Venture Company with a global well-known autos OEM's parent company established in China. Through strategic cooperation, both parties plan to jointly establish a joint venture company to carry out in-depth cooperation in the field of electric vertical takeoff and landing aircraft (eVTOL).
The strategic partner for the establishment of the joint venture company is Volkswagen (China) Investment Co., Ltd. Volkswagen Group China (Volkswagen China) holds 100% equity of Volkswagen (China) and is the controlling shareholder of Volkswagen (China).
Since Wanfeng Aviation signed the Memorandum of Understanding on Establishing a Joint Venture Company with Volkswagen (China), both parties have been discussing various aspects related to the business operation scheme of the joint venture company. After careful consideration of the cooperation model, both parties have agreed to cancel the cooperation model for establishing the joint venture company. The other terms of the Memorandum of Understanding will continue to be fulfilled, and the two parties will continue to maintain close contact and cooperate in areas such as automotive lightweighting.
Based on Volkswagen Group Germany's technology development in the field of electric vertical takeoff and landing aircraft (eVTOL), as well as Wanfeng Aviation's advantages in the global aviation sector, Wanfeng Aviation and Volkswagen Group Germany have signed a Memorandum of Understanding on Technology Cooperation in the field of electric vertical takeoff and landing aircraft (eVTOL), agreeing to carry out related cooperation in the field, including industrial design, design of interior and exterior parts in the aviation sector, human-machine interaction, and information software and hardware development; at the same time, Wanfeng Aviation plans to purchase relevant intellectual property and assets from Volkswagen Group Germany.
With the support of Volkswagen Group Germany, Wanfeng Aviation plans to independently achieve the development and future commercialization of a large-scale industrialization of vertical mobile solutions based on aircraft. Based on the mutual consent of both parties, within 12 months from the signing date of this Memorandum, the transfer agreement of relevant intellectual property and assets will be exclusive.
