NWTN Signs MOU with Al Kalid Auto L.L.C for the Sales of the Rabdan ONE in Kuwait

Rhea-AI Summary

NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company, announced a memorandum of understanding (MOU) with Al Kalid Auto L.L.C. to deliver over 1,000 Rabdan ONE vehicles over the next two years.

The MOU designates Al Kalid as the exclusive distributor in Kuwait, responsible for selling Rabdan vehicles and offering after-sales services. Additionally, Al Kalid plans to establish a flagship showroom and three sales outlets.

NWTN will provide technical, marketing, and communications support. This partnership supports NWTN's goal of expanding its sales network in the Gulf Cooperation Council and addresses the growing demand for electric vehicles in the region.

The Rabdan ONE, an all-wheel-drive SUV featuring advanced range extension technology, boasts a range of up to 860 kilometers, targeting diverse customer needs.

Positive

• Signing an MOU for over 1,000 vehicle deliveries enhances growth potential.
• Establishing Al Kalid as an exclusive distributor strengthens market presence.
• Plans for a flagship showroom and additional sales outlets indicate commitment to expansion in Kuwait.
• Technical and marketing support from NWTN will facilitate successful vehicle launch.

Negative

• None.

DUBAI, UAE, April 17, 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 it signed a memorandum of understanding ("MOU") with Al Kalid Auto L.L.C. ("Al Kalid") for the delivery of over one thousand Rabdan ONE vehicles over the next two years. With the MOU, NWTN is kicking-off the development of its sales and distribution network in the Gulf Cooperation Council countries.

Under the MOU, Al Kalid will become the exclusive distributor of vehicles under Rabdan brand, enabling the sale of Rabdan vehicles, parts, and accessories together with the provision of after-sales services within the State of Kuwait. Al Kalid will promote the Rabdan brand and plans to establish a flagship showroom in the Warehouse Mall in Sadiya, as well as the development of a further three sales outlets.

NWTN will assist Al Kalid with technical, after-sales, marketing, and communications support during the entirety of the MOU.

The MOU between NWTN and Al Kalid was signed at the NWTN Suhoor Gathering held at NWTN's assembly facility in the Khalifa Economic Zone Abu Dhabi ("KEZAD") in celebration of the Holy month of Ramadan. 

NWTN completed construction of its facility in KEZAD at the end of 2022. The KEZAD facility enables NWTN to address the rapidly growing demand for electric vehicles in the UAE and the Middle East, promote green mobility, and accelerate sustainable energy transformation in the UAE.

Guests mingled and enjoyed traditional Suhoor dishes and were also offered an exclusive preview and experience of the Rabdan ONE, the first product of the Rabdan brand.

The origin of the Rabdan brand is deeply rooted in Arabic culture. The brand will cover a full range of intelligent new energy passenger vehicle products from extended range to pure electric technology solutions. NWTN believes these vehicles complement the improvement and change in local new energy infrastructure, such as charging stations in the Gulf, Middle East, and North Africa. 

Rabdan products will integrate the advanced technologies and resources in the global new energy vehicle industry, as well as surpass traditional fuel vehicle products in every aspect, from driving experience and intelligent comfort to energy saving and emissions reduction. It will define a new category of traveling and lifestyle.

The Rabdan ONE is a dynamic, intelligent, and comfortable, all-wheel-drive SUV that adopts the world's leading range extension technology. It has a comprehensive range of up to 860 kilometers, which removes range anxiety while achieving energy savings and emissions reduction. It has excellent endurance and is capable of traveling long distances. The Rabdan ONE is suitable for a variety of uses from business, family, leisure, adventure, work to pleasure. 

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 MOU and the KEZAD facility, and the anticipated results and capability of Rabdan products) 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 do 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

FAQ

What is NWTN's recent partnership announcement?

NWTN announced a memorandum of understanding (MOU) with Al Kalid Auto L.L.C. for delivering over 1,000 Rabdan ONE vehicles in Kuwait.

When was the MOU between NWTN and Al Kalid signed?

The MOU was signed on April 17, 2023.

What is the significance of the MOU for NWTN?

The MOU allows NWTN to develop its sales and distribution network in the Gulf Cooperation Council countries.

What vehicle will Al Kalid be distributing?

Al Kalid will be the exclusive distributor for the Rabdan ONE vehicles.

How many Rabdan ONE vehicles will be delivered under the MOU?

The MOU includes the delivery of over 1,000 Rabdan ONE vehicles over the next two years.