NWTN (NWTN) has released an update.
NWTN Inc. faces significant shifts as the UAE authority’s plans to reclaim the ‘Rabdan’ brand for a premium automotive line compelled it to halt production and sales of its Rabdan-branded vehicles, leading to an expected inventory impairment loss of $17 million and receivable losses of around $7 million. The company is adapting by re-badging existing inventory, reducing its workforce by approximately 57%, and actively seeking new partnerships to sustain its operations. Despite the setbacks, NWTN Inc. has already finalized a sales agreement for its re-branded vehicles and does not foresee a material impact on its 2023 financials while it evaluates the effects on the 2024 reports.
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