NWTN Signs For Investment Of $500 Mln In China Evergrande New Energy Vehicle Group

(RTTNews) - Dubai-based mobility and green energy company NWTN Inc. (NWTN) Monday announced an agreement with Chinese electric vehicles manufacturer China Evergrande New Energy Vehicle Group Ltd. for a strategic investment of $500 million. The investment will help accelerate NWTN's development in the electric vehicle space.

The companies entered into a share subscription agreement on August 14 and pursuant to which NWTN will acquire approximately 27.50 percent of the total number of enlarged issued ordinary shares of EVGRF.

The transaction is expected to close in the fourth quarter of 2023.

NWTN said its focus is on the future of mobility with an emphasis on the use of AI technologies, autonomous driving, and personalized passenger experience.