DUBAI, UAE, July 11,
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 that NWTN Technologies Industries – Sole
Proprietorship LLC., NWTN's wholly-owned subsidiary, signed a
non-binding memorandum of understanding ("MOU") with the Abu Dhabi
Department of Economic Development ("DED") to enhance cooperation
and contribute to the development of the automotive industry in the
Emirate of Abu Dhabi.
Under the terms of the MOU, NWTN has agreed to establish and
construct an integrated production line, as well as to expand its
factory in the Emirate of Abu
Dhabi in adherence to the highest international standards.
The MOU also entails mutual cooperation between the parties to
expedite the advancement of the modern automobile industry and
transportation in Abu Dhabi, in
alignment with the goals set forth in the Industrial Vision 2031.
Furthermore, the MOU aims to foster an innovative community that
actively contributes to automotive technology trends, while
strengthening collaboration in the green economy and environmental
sectors.
Within the framework of the MOU, the DED has committed to
cooperation and coordination in order to devise a streamlined work
system that simplifies, facilitates, and enhances the necessary
procedures for NWTN to obtain industrial licenses. The DED will
ensure that these procedures adhere to the required technical,
organizational, and procedural standards.
The DED has agreed to promote and support the integration of
Emirati nationals into the workforce of NWTN and NWTN has agreed to
provide necessary training and professional development
opportunities to the Emirati candidates.
Eng. Arafat Al Yafei,
Executive Director of Industrial Development Bureau of the DED,
said: "This MOU with NWTN is part of our efforts to enhance
Abu Dhabi's competitiveness, equip
talent with necessary skills, and develop automotive and
transportation industry in line with the objectives of the
Abu Dhabi industrial strategy. As
talent development is a top priority for us, we are pleased to
collaborate with NWTN to train and create new opportunities for
Emirati talent and to drive innovation in the industrial sector. We
believe this step will help in attracting new quality investments
to benefit from growth opportunities in Abu Dhabi's manufacturing sector."
Paul Lin, President of
Automotive at NWTN commented, "We are excited about the
prospects of expanding our operations in Abu Dhabi and contributing to the growth of
the auto industry. This partnership aligns with our commitment to
both local talent development and technological advancement."
The MOU is valid for an initial period of two years, with the
option to renew upon mutual agreement between the parties.
ABOUT NWTN
NWTN is a pioneering green energy company dedicated to providing
passenger-focused, premium electric vehicle products and green
energy solutions to customers worldwide.
Headquartered in Dubai, United
Arab Emirates (UAE), NWTN has a full vehicle assembly
facility in Abu Dhabi and a supply
chain manufacturing base in Jinhua, China.
NWTN is committed to the future of mobility solutions that
integrate pioneering design, personalized lifestyles, Internet of
Everything (IoT), autonomous driving technology and the eco-system
of green energy.
In addition to the offering of new energy vehicles, NWTN is
exploring opportunities in the entire clean energy value chain,
including photovoltaics, green hydrogen power and energy storage in
the UAE, the Middle East, North Africa, China, other
Asian countries, and Europe.
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. Actual results (including, without limitation,
with respect to the expected benefits from the collaboration with
DED as provided under the MOU, the construction of production lines
and factory expansion in Abu
Dhabi, and anticipated results of integration of Emirati
nationals into the workforce of NWTN) may differ significantly from
those set forth or implied in the forward-looking statements. 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 does
not intend to update or revise these forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE NWTN
