Evergrande's carmaking arm secures 500-mln-USD strategic investment from UAE-based auto maker NWTN

Evergrande Auto, Evergrande's carmaking arm, announced on Monday that it secured  500 million U.S. dollars of strategic investment from an eco-conscious mobility technology company NWTN Group, which is headquartered in Dubai, United Arab Emirates (UAE).

It is learned that NWTN Group would provide 600 million U.S. dollars of transition funds for Evergrande Auto within five working days after the announcement. 

All of the investment funds will be used to support the production of  the Chinese carmaker's flagship Hengchi 5 at its Tianjin plant and the mass production of its Hengchi 6 and 7. 

NWTN Group will also assist Evergrande Auto in exploiting overseas markets in a bid to achieve an annual export of 30,000 - 50,000 Hengchi vehicles to the Middle East market. (Edited by Yang Yifan, yangyifan@xinhua.org)