Recently, as reported by Financial Associated Press, the first tranche of transition funds from Evergrande Auto's latest strategic investor has arrived on schedule. Evergrande Auto announced that it has received a strategic investment of approximately $500 million from NWTN CLS BORD (NASDAQ: NWTN, referred to as "Newton"), headquartered in Dubai, UAE. All funds will be fully allocated to Evergrande Auto's Tianjin factory, ensuring the normal production of Hengchi 5 and the successive mass production of Hengchi 6 and Hengchi 7.
According to earlier reports, Newton Group will also assist Evergrande Auto in expanding into overseas markets, aiming to export 30,000 to 50,000 Hengchi cars to the Middle East market annually. Analysts stated that after divesting its real estate business, Evergrande Auto has become a pure new energy vehicle company. With Newton Group's initial investment of $500 million into Evergrande Auto, it is believed that there will be more financial injections to follow.
Newton went public on NASDAQ in November 2022 and is the first UAE-based new energy company to be listed in the US. It has a complete vehicle assembly factory in Abu Dhabi. With a foundation in new energy vehicles, Newton is also planning to venture into photovoltaic power generation, green hydrogen production, energy storage, and other clean energy full-value chains in the UAE. They aim to expand their successful model to the Middle East, North Africa, China, and other Asian and European countries. Although Newton claims to be a mobile and green energy company headquartered in Dubai, UAE, based on disclosed company information, several senior executives appear to be of Chinese descent. Newton Group's founder, chairman, and CEO is Wu Nan, and the CTO of the Newton Group is Yu Shixuan.
