Happiness Development Group Limited announced that its automobile sales subsidiary 'Taochejun" has entered into a strategic cooperation agreement with Fujian Yiluba Automobile Service Consulting Co. Ltd. ("168"). According to the cooperation agreement, over the next three years, 168 plans to purchase from Taochejun up to 2,000 new energy vehicles.

If 168 purchases all of the 2,000 vehicles, the total value would be about RMB200 million (approximately $30 million). Yichebao Development Co. Ltd., the parent company of 168, has been cultivating its automobile industry chain in China for many years, especially in the parallel import automobile industry.

As a wholly-owned subsidiary of Yichebao in Fujian, 168's focus is to cooperates with the online ride hailing platforms such as Didi to expand its Fujian market.