The company's first quarter sales in 2020 plunged 55.7 percent year-on-year to about 679,000 units, worse than the country's 42.4 percent decrease in car sales, data from the China Association of Automobile Manufacturers showed.
The company said the cooperation may save as much as 0 million annually in electricity charges, due to the lower cost of energy.
The company signed a five-year partnership with English Premier League club Manchester United in October 2016. Mlily mattresses have been installed at the club's Aon Training Complex.
The company's global expansion will continue this year, with focus on the European and Latin America markets, Lei said.
The company said the move is an effort to resolve the financial strain and supply chain problems it faces, with stakes sought in Faraday Future, Lucid Motors and LeSEE, among others. The company said it will face operational difficulties if it does not receive funds to repay its own debt.
The company plans to use the net proceeds of its offering primarily for general corporate purposes, which may include investment in product development, sales and marketing activities, technology infrastructure, capital expenditure, improvement of corporate facilities, and other general administrative matters, said its prospectus.
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The competition, which was held for the first time this year, saw 10 innovation projects covering artificial intelligence, robotics and the internet of things entering the final round held on Tuesday. Beijing LuxCreo Technology Co Ltd, a 3D printing specialist, won the first prize.
The company's scallion business helped lift some local farmers out of poverty and increased their income. Local farmer Liu Kai said he earned up to 170,000 yuan in profit last year from planting scallions, much higher than the past when the whole family could only earn about 50,000 yuan in profit.
The company's helicopter engine products have, to date, powered up to 40 percent of the civil turbo-shaft engine fleet in China, including helicopters from Airbus, Bell, Leonardo and Sikorsky, in the past two years.
The company is poised to have product and service offerings integrating new energy, AI, internet and sharing, continuously transforming mobility as we know it.