DUBAI, UAE/PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world ("NWTN" or the "Company"), today announced its unaudited financial results for the six months ended June 30, 2023.

Financial Highlights (all results compared to the same period of prior year period unless otherwise noted)

  • Revenue was $0.6 million, which was nil for the six months ended June 30, 2022.    
  • Gross margin was 10.8%, which was nil for the six months ended June 30, 2022.    
  • Net loss was $69.8 million, which was $9.2 million for the six months ended June 30, 2022.    
  • Inventories amounted to $51.7 million at June 30, 2023, compared to $2.1 million at December 31, 2022.

Management Commentary

The Company completed the construction of its electric vehicle assembly facility in Khalifa Economic Zones Abu Dhabi ("KEZAD") at the end of 2022 and obtained production and sales licenses from Abu Dhabi Emirate in early 2023. Subsequently, the KEZAD plant received certifications of ISO 9001, ISO 14001, and ISO 45001. During the six months ended June 30, 2023, the Company delivered ten vehicles to one customer.

The Company has continued to systematically upgrade its production facility to expand its capacity and to train its production employees to ensure quality control. The Company has passed the Gulf Standardization Organization certification, accomplished Production License Certification of Ministry of Industry and Advanced Technology of the UAE, and attained the "Made in the Emirates" mark during the second half of 2023.

The construction of the Company's parts and supply chain facility in Jinhua, Zhejiang, China was essentially done  by the end of 2023. Factory staff have been recruited and are currently under extensive training.  The Company continues to invest significantly in R&D, particularly in developing its premium flagship Smart Passenger Vehicle, the MUSE.

As previously disclosed, NWTN entered a share subscription agreement (the "Share Subscription Agreement") with China Evergrande New Energy Vehicle Group Limited ("CENEV"), a company listed on the Hong Kong Stock Exchange (HKEX: 0708). On September 28, 2023, CENEV announced that trading of its ordinary shares on the Hong Kong Stock Exchange was suspended. On September 29, 2023, NWTN delivered a letter to CENEV notifying thin NWTN has suspended the performance of its obligations due to significant uncertainties on the likelihood of CENEV's being able to meet various closing conditions under the Share Subscription Agreement. On December 31, 2023, the Company delivered notice to CENEV that that the Company was exercising its right to terminate the Share Subscription Agreement because the conditions to closing had not been satisfied or waived by December 31, 2023.