NWTN said it would invest US$500m in China Evergrande New Energy Vehicle Group. 

NWTN will acquire 27.5% of the shares of EVGRF upon closing and the right to nominate a majority of EVGRF’s board. The deal is expected to close in Q4 2023, subject to the usual closing conditions plus debt restructuring of the Evergrande Group, a debt repayment plan by certain creditors of EVGRF and receipt of applicable regulatory and shareholder approvals.

NWTN has a vehicle assembly facility in Abu Dhabi and is active in solar power generation, green hydrogen production and energy storage in the Middle East, North Africa and China.

According to the company, the UAE EV market was expected to grow at an annual rate of 25% over the next five years.