Qingling Motors Co., Ltd. provided unaudited consolidated group earnings guidance for the year ended 31 December 2023. For the year, the group is expected to record a loss before tax of approximately RMB 45,000,000 to RMB 55,000,000. The Board considers that the expected loss before tax was mainly attributable to the commercial truck industry still being in the early stages of recovery, the downturn in the traditional fuel vehicle market, demand contraction, and raw material prices still being high.

Additionally, the Group's development of new energy products and the cultivation of the industry are still in the early stages, requiring significant investment, with current returns being relatively low. All the aforesaid factors, coupling with each others, have affected the overall performance of the sales volume of the Group for the year ended 31 December 2023.