The board of directors of Wuling Motors Holdings Limited announced that, in order to capitalize on the strategic opportunities presented by the intelligent transformation of the automotive industry, the Group has established an indirect non-wholly owned subsidiary namely, YuanCore Driver Technology Company Limited, as an independent business entity to principally engage in the business of low-speed automated driving system and solution, which is currently operated by Liuzhou Wuling Motors Industrial Company Limited, a direct non-wholly owned subsidiary of the Company and is currently owned as to approximately 60.9% by the Company and as to approximately 39.1% by Guangxi Automobile Holdings Limited, the controlling shareholder of the Company. YuanCore Driver is currently a direct wholly-owned subsidiary of Wuling Industrial. YuanCore Driver primarily engages in the low-speed automated driving business, focusing on the R&D, manufacturing, and provision of integrated solutions for by-wire chassis and low-speed unmanned vehicles.
Its main products include a series of by-wire chassis products and scenario-specific vehicle products, which cater to applications such as intelligent charging robots, unmanned shuttle services, and unmanned logistics, some of which have been successfully launched in the market. The establishment of YuanCore Driver aims to leverage the existing resources and strengths of the Group to further precisely incubate, empower and enhance the development of the Group's automated driving business.
