FOTO: Plans to establish a wholly-owned subsidiary with an investment of 100 million yuan. This subsidiary will become the implementation entity for the ultra-precision gear project of electric drive systems for new energy vehicles and the robotic joint component project

FOTO announced that the company plans to invest 100 million yuan of its own funds to establish Pinghu FOTO Drive Co., Ltd., holding 100% of the shares. This subsidiary will become the implementation entity for the ultra-precision gear project of electric drive systems for new energy vehicles and the robotic joint component project. This move is beneficial for promoting investment projects in the Pinghu Economic and Technological Development Zone, improving business layout, and enhancing market competitiveness and profitability. After the establishment of the new company, it may still be affected by factors such as the macroeconomic environment and industry market conditions