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DUBAI - Nasdaq-listed Robo.ai Inc. (NASDAQ:AIIO), a $458.75 million market cap company whose stock has surged over 219% in the past six months according to InvestingPro data, and Ewatt Aerospace announced Wednesday the formation of a joint venture called "RoVTOL" in the UAE to focus on the global deployment of electric vertical take-off and landing (eVTOL) aircraft.
Benjamin Zhai, CEO of Robo.ai, will serve as Chairman of RoVTOL, while Steven Wang, Chief Product Officer of Ewatt Aerospace, will assume the role of CEO, according to the press release.
The joint venture will leverage Robo.ai’s local capabilities and market access in the Middle East, while Ewatt Aerospace will provide exclusive licensing rights for its eVTOL technology and products overseas.
RoVTOL plans to focus on global sales of eVTOL aircraft, initially offering models including the ET1, ET2, ET3, and ET9. The company intends to establish an eVTOL assembly facility in the UAE for localized production.
The product lineup will include single-seat and two-seat models for various applications such as security, tourism, and emergency response. The flagship ET9 Electric Passenger Aircraft is designed to carry five people and targets urban air mobility, emergency rescue, and tourism sectors.
"The establishment of RoVTOL is a significant milestone in Robo.ai’s transformation and upgrading," said Zhai in the statement.
Ren Wenguang, Chairman of Ewatt Aerospace, noted that the partnership would "accelerate the transformation of technological achievements into market competitiveness."
The collaboration represents another step for Robo.ai in its focus areas of "Smart Mobility, Smart Devices, and Smart Contracts," according to the company’s announcement. With the stock’s high volatility and significant recent gains, investors can access 11 additional key insights and detailed financial metrics through InvestingPro’s comprehensive analysis tools.
In other recent news, Robo.ai Inc., formerly known as NWTN Inc., will begin trading its Class B ordinary shares under the new name and ticker symbol on Nasdaq. The name change was approved during an extraordinary general meeting and completed with a Certificate of Incorporation issued by the Cayman Islands Registrar of Companies. In addition, NWTN has appointed Yehong Ji, a former executive from Barclays, as an independent director, bringing over 30 years of investment banking experience. NWTN has also signed an agreement with Pakistan’s JW Corporation, granting exclusive rights to use its automotive assembly facility and access to a distribution network in Pakistan. Furthermore, NWTN has withdrawn a proposal to remove certain directors from its board from the voting agenda at its upcoming extraordinary general meeting. The company has also entered into a memorandum of understanding with Changer.ae to integrate stablecoin solutions in manufacturing and mobility sectors. These developments reflect NWTN’s strategic moves in expanding its operations and leadership.
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