[Photo/Agencies]Dubai-based mobility company NWTN reached an agreement on Monday with China Evergrande New Energy Vehicle Group to acquire around 27.5 percent of the Chinese EV maker's equity for $500 million. The investment will also give NWTN the right to nominate a majority of the EV maker's board. China Evergrande New Energy Vehicle Group was established in 2019 and has released nine new energy vehicle models, of which the first mass-produced model, Hengchi5, was delivered in October 2022. According to the company's research, the country's EV market is expected to grow at an annual rate of more than 25 percent over the next five years. A pioneering mobility and green energy company, NWTN said it has a full vehicle assembly facility in Abu Dhabi, United Arab Emirates.

Source: The North Africa Journal August 15, 2023 03:12 UTC