Times Electric plans to acquire CRRC Commercial Vehicle Power

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Times Electric announced that it plans to use its own cash to acquire 100% of the equity of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. held by CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., Xiangyang CRRC Electric Motor Technology Co., Ltd. and CRRC Times Electric Vehicle Co., Ltd., with a transaction amount of approximately RMB 107 million. This transaction is conducive to Times Electric's creation of a new energy vehicle electric drive industry cluster.