NWTN Inc. to acquire strategic stake in Evergrande New Energy auto

NWTN Inc. has reached an agreement to make a strategic investment of $500M in China Evergrande New Energy, a Chinese automobile manufacturer that specializes in developing electric vehicles. On August 14, NWTN and EVGRF entered into a share subscription agreement pursuant to which NWTN will acquire approximately 27.50% of the total number of enlarged issued ordinary shares of EVGRF upon closing and the right to nominate a majority of EVGRF’s board. The proposed transaction is expected to close in Q4, subject to conditions including but not limited to the effectiveness of the debt restructuring of the Evergrande Group, confirmation of a debt repayment plan by certain creditor of EVGRF, and receipt of applicable regulatory and shareholder approvals. Based in Dubai, UAE, NWTN has a full vehicle assembly facility in Abu Dhabi.