DUBAI, United Arab Emirates--(BUSINESS WIRE)--The intelligent electric vehicle (EV) company NWTN announced its partnership with Sultan Investments in establishing an EV SKD assembly base in Khalifa Industrial Zone Abu Dhabi (KIZAD), which will expand the company’s global manufacturing network and especially serve the Middle East, European and North African markets.
NWTN was founded in 2016 by Alan Wu with a vision of passenger-centric experience. As a green mobility technology company, NWTN has defined the Smart Passenger Vehicle (SPV) as a vehicle concept emphasizing AI technologies and personalized passenger experience. Recently, NWTN has relocated its global headquarter to UAE. Meanwhile, NWTN announced the company’s symbolic renaming (previously known as ICONIQ) along with the launch of the new brand NWTN.
Foundered in 1992 by its CEO Sultan Hareb AI Falahi, Sultan Investments is a private Investment company with a geographical focus on the Middle East. Its development activity has expanded rapidly over the past decade to become one of the leading private real estate development companies in the UAE. Sultan Investments established this reputation by becoming one of the largest private investors in Business Bay - Dubai’s upcoming CBD. S Motors, its wholly-owned subsidiary, will also be partnering with NWTN in facility development and EV distributions.
In April 2022, NWTN (ICONIQ Holding Limited) announced that it had entered into a definitive Business Combination Agreement with East Stone Acquisition Corporation, a publicly-traded special purpose acquisition company. The transaction represents a pre-combination valuation of $2.5 billion for NWTN upon closing.
Pronounced as Newton, NWTN pays tribute to the science giant, Sir Issac Newton, for his ability to see what others don’t see, his insatiable curiosity and determination to continuously pioneer, which are the core values delivered through the NWTN brand and the innovative “Passenger-centric” philosophy inherited from the previous ICONIQ brand. Not only a smart mobility brand, NWTN represents a new lifestyle for the future, which is intelligent, connected, sustainable, comfortable and expandable. NWTN products aim to exceed individual needs through craftsmanship and imagination to enrich the time spent in SPVs to fulfill the customers’ desire for understanding and a pioneering curious spirit.
According to NWTN, the local plant development plan includes two phases. In Phase one, NWTN plans to have a SKD facility, which will include ~24,000 square meters of manufacturing, testing, inventory, and storage space, with an annual capacity of 5,000-10,000 units. It is expected to be completed in Q4 2022. In Phase two, the total area of the plant will expand to ~100,000 square meters and the capacity will increase to 50,000 units per year. The facility for Phase two is expected to be completed by the end of the 1st quarter of 2024.
NWTN’s Founder and Chairman, Alan Wu, said, “NWTN is very excited about the partnership to build our local manufacturing plant with Sultan Investments, and we can bring technology know-how, and create jobs in the UAE. The Middle East enables us to look confidently both East and West providing a unique perspective towards the world automobile industry, it will be the start of NWTN’s worldwide expansion.”
As one of the most successful nations to promote EVs in West Asia and North Africa, the UAE has already converted 20% of its fleet of cars belonging to government agencies to EVs and aims to have 42,000 electric vehicles on its streets by 2030. The ongoing transition will grant NWTN a unique advantage in the UAE and the broader Middle East, as NWTN’s manufacturing base will enhance the connection between the intelligent EV company and the emerging markets.