Dubai-based green mobility solutions start-up NWTN has announced its plans to inject US$500 million investment in the electric vehicle unit of defaulted property firm China Evergrande Group, according to media reports.
NWRN will get a 27.50% stake in the China Evergrande New Energy Vehicle Group (NEV).
The proposed transaction is subject to approval and is expected to be closed in Q4 2023.
The green mobility company, founded by Chinese entrepreneur Alan Nan Wu, has an EV assembly facility in the Khalifa Industrial Zone Abu Dhabi (Kizad), which is part of AD Ports Group.
The company also announced it has been strategically expanding its business in growing markets in the Middle East, North Africa, and China.
The EV market in the UAE has been forecasted to grow at a CAGR of 30% between 2022 and 2028, according to an Arthur D.About 50% of all cars would be electric by 2050, lending support to Dubai’s own goal to have 42,000 EVs on its roads by 2030, according to the UAE’s Ministry of Energy and Infrastructure (MoEI).
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