NWTN signs MOU with Elfaba Investment

Editorial | | Reading Time: 3:31 minutes

DUBAI: NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world ("NWTN"), today announced that it signed a memorandum of understanding with Elfaba Investment and Advisory ("Elfaba") for the sales and purchase of products of NWTN and Rabdan brands across more than seven countries.

The MOU stipulates that NWTN will authorize Elfaba as the NWTN and Rabdan brand distributor for a period of five years, enabling the sale of NWTN and Rabdan vehicles, parts, and accessories together with the provision of after sales services. The MOU also stipulates that Elfaba will aim for sales of up to 5,000 vehicles. A definitive agreement is targeted to be signed by the end of April 2023.

Rabdan is a NWTN brand of intelligent new energy vehicles and encompasses a full range of intelligent new energy passenger vehicle products from extended range to pure electric technology solutions.

Rabdan products will integrate the most advanced technologies and resources in the global new energy vehicle industry as well as surpass traditional fuel vehicle products in many aspects, from driving experience and intelligent comfort to energy saving and emissions reduction. It aims to define a new category of traveling and lifestyle.

The MOU between NWTN and Elfaba was signed at the NWTN Suhoor Gathering which was held in celebration of the Holy month of Ramadan. 

The Suhoor Gathering was held at the NWTN's assembly facility in the Khalifa Economic Zone Abu Dhabi (KEZAD) which was completed at the end of 2022. The facility enables NWTN to address the rapidly growing demand for electric vehicles in the UAE and the Middle East, promote green mobility, and accelerate sustainable energy transformation in the UAE.

Guests mingled and enjoyed traditional Suhoor dishes and were offered an exclusive preview of the Rabdan brand's first vehicle – the Rabdan ONE.

The Rabdan ONE is a dynamic, intelligent, and comfortable, all-wheel-drive SUV that adopts the world's leading range extension technology. The Rabdan ONE is suitable for a variety of uses from business, family, leisure, adventure, work to pleasure. The Rabdan One is designed to be a powerful intelligent car leading a new fashion lifestyle.