Agreements reached under this partnership
Establishment of a joint venture- 1
We will consider mass-producing in China as soon as possible a FOMM vehicle based on the existing FOMM ONE model currently manufactured by FOMM, with minor improvements.
- 2
We will achieve the greatest possible reduction in production costs by leveraging China's efficient supply chain.
- 3
We plan to lower selling prices by reducing production costs.
- 4
We aim to launch a new EV offering a more premium experience and interaction between people and vehicles through the use of the internet.
- 5
We will introduce the new EV to the Chinese market, primarily in China's smaller cities and rural towns, where the population is large.
These are items that the documents state the two companies will work on. The lines above and below represent arrangements between the two companies.
We expect sales and profit to increase significantly within a relatively short period, with a target period of 12 months or less.
This indicates whether the companies will do more than work together, such as holding each other’s shares or seconding personnel (capital and business alliance).
The impact of this matter on business performance is currently under review. Once the review is complete, we will promptly disclose any information if disclosure is deemed necessary.
| Item | Details |
|---|---|
| Name of alliance partner | 株式会社FOMM |
| Alliance partner's business activities | Planning, development, manufacture and sale of compact EVs |
| Alliance partner's location | Saiwai Ward, Kawasaki, Kanagawa Prefecture |
| Alliance partner's capital | ¥3,505 million |
| Alliance partner's net sales | Not disclosed at the request of the counterparty. |
| Alliance partner's operating income | Not disclosed at the request of the counterparty. |
| Type of alliance | Establishment of a joint venture |
| Details of the alliance | We will consider mass-producing in China as soon as possible a FOMM vehicle based on the existing FOMM ONE model currently manufactured by FOMM, with minor improvements., We will achieve the greatest possible reduction in production costs by leveraging China's efficient supply chain., We plan to lower selling prices by reducing production costs., We aim to launch a new EV offering a more premium experience and interaction between people and vehicles through the use of the internet., We will introduce the new EV to the Chinese market, primarily in China's smaller cities and rural towns, where the population is large. |
| Shareholding ratio | ATT 100.0%; FOMM 0% → ATT 66.7%; FOMM 33.3% |
| Overview of the joint venture | Name Quantum FOMM Limited / Location Hong Kong (ROOM 701-2 EVERBRIGHT CENTRE, 108 GLOUCESTER ROAD, WANCHAI, HONG KONG) / Business Description Businesses related to electric vehicles / Capital Contributions HKD 30,000 (¥422 thousand) / Ownership ratio ATT (our wholly owned subsidiary): 66.7%; FOMM: 33.3% |
| Ownership ratio | ATT (our wholly owned subsidiary): 66.7%; FOMM: 33.3% |
| Numerical targets under the alliance | We expect sales and profit to increase significantly within a relatively short period, with a target period of 12 months or less. |
| Contract Date | 23 August 2021 |
| Alliance start date | 1 October 2021 (予定) |
| Share Acquisition Date and Payment Date | Following execution of the agreement, FOMM is expected to make a capital contribution to the new company. The specific date is not disclosed. |
| Impact on Business Performance | The impact of this matter on business performance is currently under review. Once the review is complete, we will promptly disclose any information if disclosure is deemed necessary. |
Items this document does not state (7)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To establish and develop EV production and sales operations in China more rapidly.