Bullish indicating open at $55-$60, IPO prices at $37
DUBAI/ISLAMABAD - NWTN Inc. (NASDAQ:NWTN), a UAE-based smart mobility company with a market capitalization of $336 million, announced today it has executed an agreement with Pakistan’s JW Corporation for exclusive rights to use JW’s automotive assembly facility in Lahore and access to its nationwide distribution network. The company’s stock, currently trading at $1.15, has shown remarkable resilience with an 89% gain over the past six months, according to InvestingPro data.
The agreement grants NWTN usage rights to JW Corporation’s complete knock-down (CKD) assembly plant located in the China-Pakistan Special Economic Zone in Lahore, along with access to over 400 sales outlets across Pakistan.
The 563,000-square-foot facility will be used to manufacture new energy commercial vehicles as part of NWTN’s "UAE Headquarters + South Asia Manufacturing + Global Sales" strategy.
Muhammad Javed Afridi, CEO of JW Corporation, said the collaboration would introduce advanced electric vehicle technology to Pakistan’s manufacturing ecosystem, with aims to develop "South Asia’s premier new energy commercial vehicle export base."
NWTN CEO Benjamin Zhai stated the partnership advances UAE’s sustainable manufacturing goals while leveraging Dubai’s position as a trade hub.
The deal appears to align with NWTN’s transition toward becoming a global manufacturing platform. The company, which is listed on Nasdaq, noted it is in the process of changing its corporate name to Robo.ai Inc.
JW Corporation is described as a Pakistani industrial conglomerate with operations in automotive, energy, and real estate sectors.
According to the press release statement, the partnership aims to establish Pakistan as an export hub connecting South Asia, the Middle East, and Africa markets. While NWTN’s strategic expansion shows promise, InvestingPro analysis suggests the stock is currently trading above its Fair Value, with 10+ additional exclusive insights available to subscribers.
In other recent news, NWTN Inc. announced a significant financial development, securing a $100 million investment from SEET LLC, a subsidiary of UAE’s Medad Holding. This investment involves SEET acquiring newly issued shares, making it the largest shareholder of NWTN. Additionally, NWTN entered into a $100 million share purchase agreement with SEET to acquire a special purpose vehicle in the UAE’s power management sector. The shares involved in this transaction will be subject to a lock-up period with staged releases over three years. Furthermore, NWTN has signed a memorandum of understanding with Changer.ae to implement stablecoin solutions in manufacturing and mobility sectors.
The company also announced a proposal to change its name to "Robo.ai Inc.," which will be voted on at an upcoming extraordinary general meeting. Alongside this, NWTN plans to appoint Yehong Ji as a new independent director, while proposals for removing certain directors have been withdrawn from the meeting agenda. These developments reflect NWTN’s strategic maneuvers in enhancing its corporate structure and expanding its technological capabilities.
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