Ezgo Technologies Ltd. (EZGO) stock declines during pre-market. Here’s what’s happening?

Ezgo Technologies Ltd. (NASDAQ: EZGO) stock gained by 4.02% at the last close whereas the EZGO stock price declines by 2.98% in the pre-market trading session. EZGO Technologies Ltd. is a company that specializes on short-distance transportation. The company creates, produces, rents, and sells lithium-powered e-bikes.

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What is new in EZGO stock?

808 Renewable Energy Corporation announced that it has formed a strategic partnership with EZGO Technology to collaborate on OEM co-manufacturing. EZGO will manage chassis and frame manufacturing, while Coleitec Composites Technology Co., Ltd. will handle composite material production, according to a tri-party agreement.

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Mr. Peter Chen, CFO of the 808 Renewable Energy Corp stated,

Over the last several months, the Company has been working extremely hard to increase their manufacturing capacity and establish their global supply chain platform, and they are delighted to report that they have met their target. They are now ready to mass produce their electric reverse-trike vehicles and gyrocopters owing to the assistance and support of their strategic alliance partners. EZGO Technology is a capable and respected producer of two- and three-wheel electric cars, and having them as a co-manufacturing partner would considerably enhance their production capabilities and provide them more control over their chassis and frames’ production costs.

Coleitec Composites is a prominent advanced composites business that works in the fields of electric vehicles, aviation, transportation, and energy. For their electric reverse-trike vehicles and gyrocopters, they will be able to manage and meet their demands for high-quality and sophisticated composite materials such as carbon fiber and fiberglass. At the same time, they’ll increase their production capabilities and overall quality.

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David Chen, President, and CEO of 808 said,

They are quite pleased with the progress they have achieved in recent months, and they are optimistic about their company’s future development and success. They can now provide high-quality products at lower costs thanks to its strong Cinergy and mutually beneficial strategic partnership ties with some of the industry’s finest competitors. They can pass on the savings to their consumers since these partners can provide them attractive pricing on parts, components, and systems from their automated mass manufacturing plants.

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