(Alliance News) - Pasquarelli Auto Spa announced Tuesday that it has signed a dealership agreement with Car Mobility Srl to sell vehicles from Chinese manufacturer Dongfeng Motor Corporation.

The contract, which went into effect on Monday and has a five-year term, stipulates that Pasquarelli Auto will distribute Dongfeng Motor Corporation's vehicles-electric, ICE and Hybrid cars-and provide all pre-sales and after-sales services, as well as ensure routine and extraordinary servicing of the cars.

The Dongfeng Group plans to enter the Italian market with three brands, Dongfeng, Voyah and MHero, and a range of vehicles aimed at customers with different needs, starting from full-electric citycars to premium SUVs, and ending with the MHero1, a 4X4 car that combines luxury, military style, technology and power with more than 1,000 hp.

Pasquarelli will be responsible for both direct sales and sales that will take place through a "sub-network" of dealers throughout Abruzzo, Molise, Marche, Emilia-Romagna and the northeast area of Rome, for a total of 21 provinces.

Dongfeng Motor Corporation, the company points out in a note, is among China's largest automakers that has signed major joint ventures over the years with foreign partners such as Stellantis, Renault, Nissan, and Honda, with about 1.7 million cars and commercial vehicles sold by 2023.

Marco Pasquarelli, managing director of Pasquarelli Auto, said, "We are excited to expand our offering with Dongfeng Motor Corporation's innovative vehicles. This partnership represents an important step for our company and allows us to respond even more comprehensively to the needs of an increasingly diversified customer base attentive to new technologies. We continue our territorial strengthening in Rome and enter two new Italian regions, confirming our centrality at the national level."

Pasquarelli Auto advances 7.2 percent to EUR0.89 per share.

By Chiara Bruschi, Alliance News reporter

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