DUBAI/ISLAMABAD - NWTN Inc. (NASDAQ:NWTN), a UAE-based smart mobility company with a market capitalization of $336 million, announced today it has executed an agreement with Pakistan’s JW Corporation for exclusive rights to use JW’s automotive assembly facility in Lahore and access to its nationwide distribution network. The company’s stock, currently trading at $1.15, has shown remarkable resilience with an 89% gain over the past six months, according to InvestingPro data.
The agreement grants NWTN usage rights to JW Corporation’s complete knock-down (CKD) assembly plant located in the China-Pakistan Special Economic Zone in Lahore, along with access to over 400 sales outlets across Pakistan.
The 563,000-square-foot facility will be used to manufacture new energy commercial vehicles as part of NWTN’s "UAE Headquarters + South Asia Manufacturing + Global Sales" strategy.
Muhammad Javed Afridi, CEO of JW Corporation, said the collaboration would introduce advanced electric vehicle technology to Pakistan’s manufacturing ecosystem, with aims to develop "South Asia’s premier new energy commercial vehicle export base."
NWTN CEO Benjamin Zhai stated the partnership advances UAE’s sustainable manufacturing goals while leveraging Dubai’s position as a trade hub.
The deal appears to align with NWTN’s transition toward becoming a global manufacturing platform. The company, which is listed on Nasdaq, noted it is in the process of changing its corporate name to Robo.ai Inc.
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