Shares of Autozi Internet Technology (NASDAQ:AZI) surged 39% in pre-market trading on Tuesday after the company revealed it had entered into a Memorandum of Understanding covering potential procurement arrangements valued at roughly $980 million.
The non-binding MOU sets out plans for several buyers to leverage Autozi’s digital automotive e-commerce platform for centralized purchasing of complete vehicles and automotive components. The company emphasized that final procurement volumes and rollout schedules will be determined once definitive agreements are executed.
Autozi said the agreement represents a key milestone in its strategy to accelerate digital transformation across the automotive supply chain. If finalized, the proposed transactions are expected to significantly increase platform transaction volumes, broaden the company’s product range, improve service offerings, and reinforce its competitive position within the automotive e-commerce market.
“The signing of the MOU for procurement intentions totaling $980 million fully demonstrates market recognition of our business model and technological strength,” Autozi management stated in the announcement. The company added that it will continue prioritizing technological innovation and enhancements to user experience to deliver long-term value to both partners and shareholders.
Autozi’s platform is designed to aggregate diverse procurement needs through advanced technology infrastructure, integrated supply chain capabilities, and cross-border service solutions. The cooperation outlined in the MOU would cover purchases of complete vehicles, core components, and a wide range of supporting automotive parts.