NWTN, an intelligent electric vehicle (EV) firm, announced a cooperation with Sultan Investments to construct an EV SKD assembly plant in KIZAD, which would expand the company's worldwide production network and service the Middle East, European, and North African markets.
NWTN was founded in 2016 by Alan Wu. 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 and 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. 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 Sir Issac Newton, for his ability to see what others don’t see and his insatiable curiosity, which are the core values delivered through the NWTN brand and the innovative “Passenger-centric” philosophy.
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. The manufacturing base will enhance the connection between NWTN and the UAE and the broader Middle East.