NWTN to acquire strategic stake in Evergrande New Energy Auto

NWTN, a company specialising in environmentally conscious mobility technology and offering passenger-centric green premium mobility solutions worldwide, has forged a strategic investment deal of $500 million with China Evergrande New Energy Vehicle Group. The objective of this partnership is to expedite NWTN’s progress in the electric vehicle domain.

In terms of technology, NWTN has broadened its horizons to encompass photovoltaic power generation, green hydrogen production, energy storage, and has strategically expanded its operations to tap into burgeoning markets across the Middle East, North Africa, China, and other global destinations. With a strong focus on AI technologies, autonomous driving, and tailored passenger experiences, NWTN cements its market stance as a driving force in shaping the future of mobility.

EVGRF has unveiled a lineup of nine new energy vehicle models, with the initial mass-produced model, Hengchi5 and receiving favourable responses from consumers due to its exceptional quality. EVGRF boasts advanced technological capabilities in chassis architecture, powertrain, intelligent networking, and other facets of electric vehicle innovation. Beyond its technological prowess, EVGRF maintains a significant manufacturing presence and a well-established global distribution supply chain.

The partnership envisioned by both entities holds the potential for synergies that would bolster their respective ventures. Additionally, this collaboration is poised to enhance EVGRF’s research, development, and eventual overseas export of new car models. By addressing EVGRF’s immediate capital requirements and joining hands in expanding its overseas market reach, NWTN believes EVGRF can play a pivotal role in meeting the Middle East’s electric vehicle demands.

Across numerous sectors, Middle Eastern nations actively promote low-carbon development and eco-friendly transformation. The UAE government’s recent endorsement of the updated ‘UAE National Energy Strategy 2050’ underscores its commitment to raise the proportion of clean energy to 30% by 2030. In alignment with UAE’s thrust toward new energy transformation, NWTN contributes to the drive to achieve net-zero emissions by 2050, catalysing an investment of $163 billion in renewable energy. According to the Company’s research, the UAE’s electric vehicle market is projected to witness an annual growth rate exceeding 25% over the upcoming five years.

Others have also viewed

COP28: TotalEnergies empowers 3 national companies to cut methane emissions via its tech

TotalEnergies announced the signing of three cooperation agreements with National Oil & Gas Companies (Petrobras ...

COP28: TotalEnergies to invest in 1 GW wind power project in Kazakhstan

President of Kazakhstan, Patrick Pouyanné and the Minister of Energy of Kazakhstan signed the Agreement ...

TNC and GRA announce global action plan on tripling renewables

The Nature Conservancy (TNC) and Global Renewables Alliance (GRA) have announced a joint declaration to ...

Generac and Wallbox announce strategic investment and commercial agreement

Generac Power Systems, a leading global designer and manufacturer of energy technology solutions and other ...