NWTN Signs MOU with Abu Dhabi Department of Economic Development to Promote the Auto Industry in Abu Dhabi

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DUBAI, UAE, July 11, 2023 /PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world ("NWTN"), today announced that NWTN Technologies Industries – Sole Proprietorship LLC., NWTN's wholly-owned subsidiary,  signed a non-binding memorandum of understanding ("MOU") with the Abu Dhabi Department of Economic Development ("DED") to enhance cooperation and contribute to the development of the automotive industry in the Emirate of Abu Dhabi.

Under the terms of the MOU, NWTN has agreed to establish and construct an integrated production line, as well as to expand its factory in the Emirate of Abu Dhabi in adherence to the highest international standards. The MOU also entails mutual cooperation between the parties to expedite the advancement of the modern automobile industry and transportation in Abu Dhabi, in alignment with the goals set forth in the Industrial Vision 2031. Furthermore, the MOU aims to foster an innovative community that actively contributes to automotive technology trends, while strengthening collaboration in the green economy and environmental sectors.

Within the framework of the MOU, the DED has committed to cooperation and coordination in order to devise a streamlined work system that simplifies, facilitates, and enhances the necessary procedures for NWTN to obtain industrial licenses. The DED will ensure that these procedures adhere to the required technical, organizational, and procedural standards.

The DED has agreed to promote and support the integration of Emirati nationals into the workforce of NWTN and NWTN has agreed to provide necessary training and professional development opportunities to the Emirati candidates.

Eng. Arafat Al Yafei, Executive Director of Industrial Development Bureau of the DED, said: "This MOU with NWTN is part of our efforts to enhance Abu Dhabi's competitiveness, equip talent with necessary skills, and develop automotive and transportation industry in line with the objectives of the Abu Dhabi industrial strategy. As talent development is a top priority for us, we are pleased to collaborate with NWTN to train and create new opportunities for Emirati talent and to drive innovation in the industrial sector. We believe this step will help in attracting new quality investments to benefit from growth opportunities in Abu Dhabi's manufacturing sector."

Paul Lin, President of Automotive at NWTN commented, "We are excited about the prospects of expanding our operations in Abu Dhabi and contributing to the growth of the auto industry. This partnership aligns with our commitment to both local talent development and technological advancement."

The MOU is valid for an initial period of two years, with the option to renew upon mutual agreement between the parties.

ABOUT NWTN

NWTN is a pioneering green energy company dedicated to providing passenger-focused, premium electric vehicle products and green energy solutions to customers worldwide.

Headquartered in Dubai, United Arab Emirates (UAE), NWTN has a full vehicle assembly facility in Abu Dhabi and a supply chain manufacturing base in Jinhua, China.

NWTN is committed to the future of mobility solutions that integrate pioneering design, personalized lifestyles, Internet of Everything (IoT), autonomous driving technology and the eco-system of green energy.

In addition to the offering of new energy vehicles, NWTN is exploring opportunities in the entire clean energy value chain, including photovoltaics, green hydrogen power and energy storage in the UAE, the Middle East, North Africa, China, other Asian countries, and Europe.

For further information, please visit: https://www.nwtnmotors.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results (including, without limitation, with respect to the expected benefits from the collaboration with DED as provided under the MOU, the construction of production lines and factory expansion in Abu Dhabi, and anticipated results of integration of Emirati nationals into the workforce of NWTN) may differ significantly from those set forth or implied in the forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in NWTN's filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible NWTN to predict those events or how they may affect NWTN. If a change to the events and circumstances reflected in NWTN's forward-looking statements occurs, NWTN's business, financial condition and operating results may vary materially from those expressed in NWTN's forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and NWTN assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE NWTN