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NWTN Signs Memorandum of Understanding with Abu Dhabi Department of Economic Development to Promote Abu Dhabi’s Automotive Industry – NWTN (NASDAQ: NWTN )


DUBAI, UAE, July 11, 2023 /PRNewswire/ — NWTN Inc. (NASDAQ: NWTN ), an eco-conscious mobility technology company, is bringing the world passenger-centric green premium Mobility Solutions (“NWTN”), announced today that Technologies Industries – Sole Proprietorship LLC., a wholly owned subsidiary of NWTN NWTN, has signed a non-binding Memorandum of Understanding (“MOU”) with the Abu Dhabi Department of Economic Development (“DED”) ”), to strengthen cooperation and contribute to the development of the automotive industry in the Emirate of Abu Dhabi.

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Under the terms of the MoU, NWTN agreed to establish and construct an integrated production line and expand its factory in the emirate of Abu Dhabi to the highest international standards. The MoU also calls for both parties to cooperate with each other to accelerate the development of Abu Dhabi’s modern automotive industry and transportation to achieve the goals set in the Industrial Vision 2031. In addition, the MoU aims to foster an innovative community that actively contributes to keep up with automotive technology trends, while strengthening cooperation in the fields of green economy and the environment.

Within the framework of the MoU, DED is committed to cooperation and coordination to design a streamlined working system that will simplify, facilitate and strengthen the necessary procedures for NWTN to obtain industrial licenses. DED will ensure that these procedures meet the required technical, organizational and procedural standards.

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DED has agreed to facilitate and support the integration of UAE nationals into the workforce of NWTN and NWTN has agreed to provide necessary training and professional development opportunities for UAE candidates.

engineer.Arafat Al Yafi, Executive Director, DED Industrial Development Authority“This MoU with NWTN is part of our efforts to strengthen Abu Dhabi’s competitiveness, equip talent with the necessary skills, and develop the automotive and transport sectors in line with Abu Dhabi’s industrial strategic goals,” said the minister. Talent development is a top priority. For us, we are delighted to partner with NWTN to train and create new opportunities for Emirati talent and drive innovation in the industrial sector. We believe this initiative will help attract new quality investment to benefit from growth opportunities in Abu Dhabi’s manufacturing sector. “

Paul Lin, NWTN Automotive President Commented: “We are excited at the prospect of expanding our presence in Abu Dhabi and contributing to the development of the automotive industry. This partnership is in line with our commitment to local talent development and technological advancement.”

The MOU is valid for an initial period of two years, with options for renewal by both parties.

About New World Network

NWTN is a leading green energy company dedicated to providing premium passenger-centric electric vehicle products and green energy solutions to global customers.

Headquartered in Dubai, UAE, NWTN has a vehicle assembly plant in Abu Dhabi and a supply chain manufacturing base in Jinhua, China.

NWTN is committed to creating future mobility solutions that integrate pioneering design, personalized lifestyle, Internet of Everything (IoT), autonomous driving technology and green energy ecosystem.

In addition to offering new energy vehicles, NWTN is also exploring opportunities across the clean energy value chain, including photovoltaics, green hydrogen and energy storage, in the UAE, the Middle East, North Africa, China, other Asian countries and Europe.

For more information, please visit: https://www.nwtnmotors.com.

forward-looking statement

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. Please read statements containing these words carefully because they discuss future expectations and plans, contain projections of future operating performance or financial condition or state other forward-looking information.

Forward-looking statements are predictions, predictions and other statements about future events based on current expectations and assumptions and therefore involve risks and uncertainties. Actual results (including, but not limited to, expected benefits from working with DED under the terms of the MOU, construction of production lines and factory expansion in Abu Dhabi, and integration of UAE nationals into the NWTN workforce) may differ from those stated or implied in forward-looking statements Significant differences. A number of factors could cause actual future events to differ materially from the forward-looking statements in this news release, including, but not limited to, 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. Over time, new risks and uncertainties arise and NWTN cannot predict these events or how they may affect NWTN. If events and circumstances reflected in NWTN’s forward-looking statements change, NWTN’s business, financial condition and results of operations may differ materially from those expressed in NWTN’s forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements, and NWTN undertakes 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: Northwest Territories

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