DUBAI, United Arab Emirates, Nov. 28, 2022 (GLOBE NEWSWIRE) — NWTN Inc. (Nasdaq: NWTN), an eco–conscious mobility technology company bringing passenger–centric green premium mobility solutions to the world, today announced that construction on its UAE electric vehicle assembly facility in Khalifa Industrial Zone Abu Dhabi (KEZAD) is on schedule and will be completed in Q4 of 2022.
NWTN signed a lease agreement with KEZAD Group for the facility, which measures approximately 270,000 square feet, in September of 2022 to establish NWTN's first EV assembly facility in Abu Dhabi. The facility will serve the growing demand for sustainable transport options in the Middle East and beyond, and will play an important role in promoting new energy mobility and sustainable energy transformation in the UAE and the Middle East.
Founded in 2016, NWTN is headquartered in the UAE and aims to integrate avant–garde design, life–style personalization, IoT connectivity, autonomous driving technology, and green energy eco–systems to its future mobility solutions.
NWTN plans to initially operate the facility for manufacturing, research and development, vehicle testing and logistics area. Since obtaining approval from KEZAD Group for the required modifications and the industrial license in October, NWTN has completed 80% of the equipment installation and tooling in the facility, including the robots used for the vision system and advanced driver assistance systems (ADAS) calibration. The full semi–knock down (SKD) management and operations team will be in place by the middle of December, 2022, and the facility will be fully operational by the end of this year.
The annual capacity of the facility will initially be 5,000–10,000 units for the semi–knock down electric vehicles to meet rapidly increasing demand for new energy vehicles and sustainable transport options in the UAE and in other nations in the Middle East and North Africa. In phase two, NWTN will introduce several new electric vehicle models and expand capacity to 50,000 units annually with an expected start date in the first quarter of 2024.
The development of NWTN's EV assembly facility has gained strong support from the UAE government and agencies, and is fully aligned with UAE's "Net Zero 2050" strategic initiative that plans to achieve net–zero emission by 2050 with investments of over 600 billion Dirhams (US$160 billion) in renewable energy and sustainable technologies. The completion and future expansion of NWTN's facility will kick off the long–term development of the local electric vehicle research and development, manufacturing, supply chain establishment, and further into innovations in energy generation, usage, transportation and storage in the region.
With increasing accessibility and affordability of sustainable energy supported by infrastructures such as NWTN's KEZAD plant, the UAE's transformation towards a sustainable and intelligent future will be significantly accelerated.
NWTN recently completed a merger with East Stone Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC), and was listed on the NASDAQ exchange on November 14.
ABOUT NWTN
NWTN (Nasdaq: NWTN) is a pioneering green technology company with a mission to bring premium passenger–centric mobility and green energy solutions to the world. Headquartered in Dubai and with its manufacturing facilities in Abu Dhabi, UAE, NWTN aims to integrate avant–garde design, life–style personalization, IoT connectivity, autonomous driving technology, and green energy eco–systems to its future mobility solutions. Its core technology includes modular pure electric platforms, battery packing and management technology, a digital on–board connectivity system, continuously upgraded electric and electronic architecture as well as autonomous driving technology.
NWTN focuses on growth and development in the entire value chain of clean energy applications in the UAE and intends to expand to the Middle East, North Africa, and other Southeast Asian and European territories.
For further information please visit: https://www.nwtnmotors.com
For investor enquiries:
Michael Bowen
nwtnir@icrinc.com
For media enquiries:
Edmond Lococo
nwtnpr@icrinc.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d68f3e37–78d4–48c9–a0ee–01ae72393b36
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