Autozi Internet Technology (Global) Ltd. (NASDAQ:AZI) stock rose Tuesday as investors reacted to a major procurement development.
The automotive e-commerce company said it signed a large procurement-intention agreement with potential buyers.
Autozi disclosed a memorandum covering procurement intentions totaling about $980 million. Several prospective buyers signed the document with Autozi.
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The parties plan centralized purchasing through Autozi’s digital automotive marketplace. The cooperation targets vehicles and supporting automotive components.
Scope Of The Planned Purchases
The buyers intend to use Autozi’s platform and integrated supply chain system. Planned procurement spans complete vehicles and critical auto parts.
The initiative also includes a wide range of auxiliary automotive components. The cooperation aims to support multi-category, large-volume purchasing activity.
Non-Binding Nature Explained
Autozi clarified the memorandum does not create binding obligations. Actual purchase volumes depend on future definitive agreements. Execution will rely on contract terms and operational performance. Management stressed results may vary from initial expectations.
The company views the agreement as progress toward automotive digital transformation. Autozi seeks to accelerate online integration across the vehicle supply chain.
The strategy also targets broader globalization of automotive procurement. Management expects stronger connectivity between buyers and suppliers.
Growth Objectives Outlined
Autozi plans to expand transaction volume and overall turnover. The company aims to widen product offerings across vehicles and components.
Management also expects improved service quality for platform participants. Autozi wants deeper engagement from upstream and downstream partners.
“The signing of the MOU for procurement intentions totaling $980 million fully demonstrates market recognition of our business model and technological strength,” management said.
Executives emphasized continued investment in platform technology. They also cited long-term value creation for partners and shareholders.
AZI Price Action: Autozi Internet Tech shares were up 9.75% at $2.00 at the time of publication on Tuesday. The stock is trading near its 52-week low of $1.33, according to Benzinga Pro data.
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