Electric vehicle company NWTN is partnering with UAE-based Sultan Investments to set up a manufacturing base in Khalifa Industrial Zone Abu Dhabi (Kizad) as it expands its global network.
The EV SKD assembly base will be built in two phases, the company said on Monday. SKD, or semi knocked down, refers to the partial assembly of products in the manufacturing of a vehicle.
In phase one, NWTN plans to have 24,000 square metres of manufacturing, testing, inventory and storage space, with an annual capacity of 5,000 to 10,000 units. The first phase is due to be completed in the fourth quarter of 2022.
In phase two, the total area of the plant will expand to 100,000 square metres and the capacity will increase to 50,000 units per year. It is expected to be ready by the end of the first quarter of 2024.
“The manufacturing base will enhance the connection between NWTN and the UAE and the broader Middle East,” the company said.
Founded in 2016 by Chinese entrepreneur Alan Wu, NWTN recently rebranded and relocated its global headquarters to the UAE. It was previously known as Iconiq and worked in collaboration with UAE-based car manufacturer W Motors.
Sultan Investments, a private investment company, has operations across real estate development, asset management, hospitality, business centres and health clubs, with a focus on the Middle East.
S Motors, a wholly owned subsidiary of the company, will also partner NWTN in the development of the plant and EV distribution, the company said.
The announcement comes as AD Ports Group, which operates Kizad, revealed plans to build a regional auto hub in the zone to boost trade related to the automotive industry.
The project is expected to be ready in two years' time and will enable international trade of new and used passenger vehicles, commercial vehicles, spare parts, heavy equipment and machinery to several global destinations.
More than 430,000 vehicles per year are expected to move through the auto hub once it begins operating in 2024.
UAE-based Ghassan Aboud Group is also involved in the project.
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THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
