Skip to site menu Skip to page content

Daily Newsletter

16 August 2023

Daily Newsletter

16 August 2023

Dubai assembler invests in EV maker

Will acquire 27.5% of the shares

Graeme Roberts August 15 2023

Evergrande appeared to have models in the pipeline and plenty of funding just two years ago

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.

High upfront costs could be detrimental towards the growth of the off-highway EV market

The global off-highway electric market is expected to grow at a CAGR of 17.4% by 2030, per GlobalData estimates. Despite the strong growth, high upfront costs may pose a challenge. Due to the high capacity of these vehicles, they consume large amounts of power from a number of battery packs installed on the vehicle, whose high cost in turn adds to the cost of the vehicle, thereby increasing the initial cost. However, governments worldwide are offering subsidies and tax exemptions in order to help customers to counter the initial purchase cost.

Find out more

Newsletters by sectors

Sportcal open-new-tab

Motor Finance open-new-tab

Just Style open-new-tab

View more newsletters

Sign up to the newsletter

 

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close