We refer to the Company’s announcement made on 6 January 2023 (“Announcement”) in relation the EV Project. Unless otherwise defined, the definitions set out in the Announcement shall apply herein.

The Company wishes to provide the following additional information:

1. The manufacturing license for the assembly of commercial electric van (“Manufacturing License”) and the letter on the model approval for local assembly of electric commercial van, primarily the BYD T3 EV (“Model Approval Letter”), were issued by Ministry of International Trade and Industry (MITI).

2. AEV had on 5 January 2023 received the Manufacturing License dated 20 November 2022 and the Model Approval Letter dated 21 December 2022.

3. The Term of the MOU with BYD shall continue for a period of 2 years from 21 March 2022 (i.e. the date of the MOU) and the agreement pertaining to the detailed commercial arrangements between the parties is expected to be executed within 6 months from the date of this announcement.

This announcement is dated 10 January 2023.