Seres said that the acquisition of Chongqing Seres Electric Vehicle Co., Ltd. is in the interests of the company

On January 5, 2022, Seres, Chongqing Jingyun Chuangfu Enterprise Management Co., Ltd. and Chongqing Development Investment Co., Ltd. jointly invested in the establishment of a joint venture company, Chongqing Seres Electric Vehicle Co., Ltd., to build and operate the "Seres Intelligent Electric Vehicle Parts Assembly Project". Seres said that the acquisition of a 55% stake in Chongqing Seres Electric Vehicle Co., Ltd. will help reduce the company's financing costs and will not harm the interests of the company and all shareholders. In addition, this transaction will not result in changes in the scope of the company's consolidated financial statements.