DUBAI, UAE, Feb. 27, 2023 /PRNewswire/ -- NWTN Inc.
(Nasdaq: NWTN), an eco-conscious mobility technology company
bringing passenger-centric green premium mobility solutions to the
world ("NWTN"), today announced important progress at two key
facilities in Abu Dhabi, UAE, and
Jinhua, Zhejiang, China.
NWTN completed construction of its electric vehicle ("EV")
assembly facility in Abu Dhabi at
the end of 2022, and since then has been in the final phase of
installing equipment and conducting trial operations. The facility
has now obtained the required EV production and sales license
issued by the UAE government, the first to be issued in
Abu Dhabi. With the assembly
facility completed and the license received, NWTN is now ready to
implement its EV blueprint in the UAE and the Middle East region.
At the same time, NWTN's first parts and supply chain facility
in Jinhua, Zhejiang, China has
been undergoing rapid construction since September 2022. At this point, most of the
workshop infrastructure, which includes stamping, welding, and
painting, is in the final stage of construction and is expected to
be completed in the second half of 2023.
As the first UAE-based EV company listed on the Nasdaq Stock
Market, NWTN has received strong financial and policy support from
the local government. NWTN's plant in Abu
Dhabi is its first EV assembly facility in UAE and is
located in the Khalifa Economic Zone Abu Dhabi ("KEZAD"). It
measures approximately 270,000 square feet. Construction of the
facility began in October 2022 and
was completed by the end of December
2022. At present, the production line is nearly complete,
and NWTN is working with BASF, the chemical company for paint
surface refinishing as well as manufacturing safety training. The
KEZAD plant will complete the certifications of ISO 9001, ISO
14001, and ISO 45001 soon, which represent a commitment to high
standards of quality management, environmental management, and
safety management. When the facility becomes fully operational,
NWTN will seek to address the rapidly growing demand for EVs in the
UAE and the Middle East, promote
green mobility, and accelerate the sustainable energy
transformation in the UAE.
While actively preparing for local production in the UAE, NWTN
has also been integrating advanced technology and supply chain
system on a global scale to meet NWTN's development needs. As of
September 20, 2022, NWTN's parts and
supply chain plant in China
measures approximately 4,000,000 square feet with a total
investment of US$1.46 billion. Once
operational, the plant is expected to achieve an annual production
capacity of 100,000 EVs. The plant is one of the key projects in
Zhejiang Province, China and the first high-end manufacturing
project in Jinyi New District of Jinhua City with an investment of
over RMB10 billion (approximately
US$1.4 billion).
The Jinhua facility will soon be in the final stage of equipment
design and manufacture. After the expected completion of the
workshop in the second half of 2023, the equipment installation and
commissioning will start as planned. Staff has also been recruited
for the facility, with the goal that all personnel will complete
professional training by the end of 2023. Nearly half of the
dormitories and canteens in the campus have been completed, which
will provide high-quality logistical support for employees.
According to the current plan, NWTN's Jinhua plant is expected
to be completed by the end of December
2023, with trial production projected to start by the end of
February 2024. Mass production of
parts will officially start in the second half of 2024.
The construction of NWTN's plants in Abu Dhabi, UAE, and Jinhua, Zhejiang, China indicates that this
UAE-headquartered emerging company is progressing smoothly. Thanks
to the unique capital and location advantages of the UAE as well as
opportunities to capitalize on an advanced supply chain system in
China, NWTN believes it has the
potential to become a dazzling pearl in the global new energy
industry chain.
ABOUT NWTN
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.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are characterized by
future or conditional verbs such as "may," "will," "expect,"
"intend," "anticipate," believe," "estimate" and "continue" or
similar words. You should read statements that contain these words
carefully because they discuss future expectations and plans, which
contain projections of future results of operations or financial
condition or state other forward-looking information.
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to the risk factors contained in
NWTN's filings with the Securities and Exchange Commission, which
are available for review at www.sec.gov. Forward-looking statements
speak only as of the date they are made. New risks and
uncertainties arise over time, and it is not possible NWTN to
predict those events or how they may affect NWTN. If a change to
the events and circumstances reflected in NWTN's forward-looking
statements occurs, NWTN's business, financial condition and
operating results may vary materially from those expressed in
NWTN's forward-looking statements.
Readers are cautioned not to put undue reliance on
forward-looking statements, and NWTN assumes no obligation and do
not intend to update or revise these forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACT
For investor enquiries:
Michael Bowen
nwtnir@icrinc.com
For media enquiries:
Edmond Lococo
nwtnpr@icrinc.com
Photo -
https://mma.prnewswire.com/media/2010015/image_5026590_4832909.jpg
Photo -
https://mma.prnewswire.com/media/2010016/image_5026590_4833254.jpg
Photo -
https://mma.prnewswire.com/media/2010017/image_5026590_4833506.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/nwtn-reports-progress-at-uae-electric-vehicle-assembly-facility-and-china-supply-chain-facility-301756229.html
