UAE’s NWTN accrues more net losses but cinches revenues: UAE-based, Nasdaq-listed, green mobility company NWTN Motors reported USD 69.75 mn in net losses for 1H 2023, a 655% y-o-y increase from the USD 9.23 mn it reported in for the six month period ending on June 30, 2022, according to a company disclosure published on Thursday. The EV maker — which reported zero revenues in 1H 2022 — also recorded USD 583k in net revenues for the six months ending on June 30, 2023. The newly booked revenues come on the back of the first delivery of its locally manufactured EVs to a single client.

The UAE firm has ramped up its inventories in preparation for more sales: The company’s inventories totalled USD 51.7 mn at June 30, 2023, compared to USD 2.1 mn at December 31, 2022, the statement notes.

NWTN made headway in EV manufacturing: NWTN obtained production and sales licenses including the Gulf Standardization Organization, the Production License of Ministry of Industry and Advanced Technology, and the Made in the Emirates certifications by 2H 2023, the statement notes. The company’s EV assembly and manufacturing plant in Khalifa Economic Zones Abu Dhabi (Kezad) also achieved the ISO 14001 (environmental management system) certification.

And completed its supply chain plant in China: NWTN says its parts and supply chain facility in Zhejiang, China was “essentially done” by the end of 2023, with factory staff already recruited and undergoing training in a bid to kickoff full fledged operations.

ALSO- The car maker pulled out of its acquisition of a Chinese EV manufacturer: On December 31, NWTN officially delivered notice to EV manufacturer China Evergrande New Energy Vehicle Group (CENEV) that it is terminating the Share Subscription Agreement to buy a 27.5% stake in CENEV due to “the conditions to closing not been satisfied or waived,” the company said in the disclosure. The equity investment would have cost NWTN USD 500 mn.

REMEMBER- NWTN has already unveiled its first EV: NWTN unveiled the UAE’s first EV — the Rabdan One — in October and signed an MoU with Al Khalid Auto in April for the delivery of over 1k vehicles over the next two years, kicking off the development of its sales and distribution network in GCC countries.

While building up its manufacturing capacity in the nascent EV market:The company signed an MoU with the Abu Dhabi Department of Economic Development (DED) to establish a new integrated electric vehicle production line in the UAE and further expand its EV factory in Abu Dhabi last July. This move builds on a previously signed lease agreement with Kezad for its EV assembly plant in September2022, targeting an initial phase of operations with an annual capacity of between 5-10k vehicles of semi-knocked-down EVs. In its second phase, NWTN planned to introduce several new EV models and expand the 25k sqm facility’s capacity to 50k units per year.

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