About Ideal New Morning

In 2021, Xinchen Power and Ideal Auto jointly established [Ideal Xinchen] to develop and manufacture extended-range engines. The registered capital is 630 million yuan, with Ideal holding 51% and Xinchen holding 49%. Ideal paid 320 million yuan in cash, and Xinchen invested 310 million yuan in assets, including 80 million yuan in cash and production lines (valued at 229 million yuan). The range extender engine launched by the [Ideal Xinchen] joint venture is an upgrade based on the prototype of the BMW Prince engine, called the [NEV-compatible CE engine], and BMW agreed to license the patent until 2032. At present, the joint venture provides range extender engines for L9\L8\L7 and other models produced by Ideal.