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entered into a manufacturing and contract-engineering agreement with Shanghai Launch Automotive Technology Co., Ltd.
on August 14, worth up to RMB 300,000,000, according to an 8-K filed with the Securities and Exchange Commission.
Under the agreement, Launch will handle manufacturing, engineering, tooling, testing, and related work for the Delaware-incorporated electric vehicle company, which trades on the Nasdaq Capital Market under the ticker SEV.
The payment structure splits every approved work order invoice two ways. Two-thirds goes to Launch in cash, capped at RMB 200,000,000 in aggregate.
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