ATIF's Investment in Mexican EV Company Sees Rapid Growth in Product Orders Due to Spike in Gas Price

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Aug 10, 2022, 20:04 ET

IRVINE, Calif., Aug. 10, 2022 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF, the "Company," "ATIF" or "We"), a holding company providing business and financial consulting services in Asia and North America, is pleased to announce that the Company's IPO advisory services client and investment holding in Solarever Ltd.("Solarever"), a Mexican solar energy and electric vehicle company, has seen rapid growth in its recent electric vehicle orders. Based on the investment agreement between Solarever and the Company, ATIF holds a 5.25% equity stake in Solarever.

The high climb in global crude oil prices this year has led to a subsequent spike in the price of gas, creating a strong consumer interest in electric vehicles. According to the American Automobile Association ("AAA"), the state gas price averages in U.S. is $4.07/gallon on August 7, 2022, an increase of 27.6% from $3.19/gallon on the prior year's August 7, and regular gas prices in California and Hawaii are over $5.00/gallon. According to AAA's latest consumer survey revealed on July 13, 2022, one quarter of Americans say they are likely to buy an electric vehicle (powered entirely by electricity, i.e., not a hybrid) for their next vehicle purchase, with millennials leading the way (30%). The common factor among those who want to buy an electric vehicle is a strong desire to save on fuel costs, with 77 percent citing this as the top reason for interest.

Solarever is the leading designer and manufacturer of solar products in Mexico, including photovoltaics (PV) panels, energy storage systems, electric vehicles (EV), and other zero-emission solutions operating in solar and electric vehicle sectors. Solarever is the first and currently only domestic electric vehicle company in Mexico that has been granted electric vehicle safety certification and an EV dealer's license. Solarever launched its first EV, the SEV e-Wan in 2022 which has garnered sizable customer interest and purchase orders in Mexico. The SEV e-Wan starts at $14,500.

Jun Liu, President, Chairman of the Board, and CEO of ATIF, commented, "We highly believe in Solarever's growth potential, based on our strong view of the future of the sustainable energy industry. Solarever is one of the leading players in the solar PV industry and is also active in the electric vehicle industry, which has significant growth potential. According to the International Energy Agency (IEA), EV makers plowed through rising prices and broken supply chains to sell 6.6 million electric vehicles in 2021, doubling global sales and tripling the EV market share in just two years. From what we understand, Solarever's recent electric vehicle sales have been brisk and purchase orders are growing rapidly! At the same time, Solarever's IPO process is steadily progressing and we are very excited to see the high returns that this investment will enable us and our shareholders to achieve in its future IPO."

About ATIF Holdings Limited

ATIF Holdings Limited ("ATIF") is a Los Angeles-based comprehensive financial group with wholly owned and operated subsidiaries: ATIF-1 hedge funds company, ATIF equity investing company, ATIF IPO advisory company, and the integrated financial services network platform www.IPOEX.com. ATIF is dedicated to providing international asset securitization services, as well as equity investment and asset management services to companies around the world. ATIF was awarded the "Top 10 Best Listed Companies 2019" from the "Golden Bauhinia Award," the highest award in Hong Kong's financial and securities industry. For more information, please visit https://ir.atifchina.com/.

To learn more about IPOEX, our financial services platform, please visit: https://www.ipoex.com/

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