- Mobility technology company NWTN Inc (NASDAQ:NWTN) has signed a memorandum of understanding with Elfaba Investment and Advisory (Elfaba) to sell and purchase products of NWTN and Rabdan brands across more than seven countries. The financial terms were not disclosed.
- Under the MoU, NWTN will authorize Elfaba as the NWTN and Rabdan brand distributor for a period of five years.
- Elfaba will also sell parts and accessories together with the provision of after sales services.
- Elfaba will aim for sales of up to 5,000 vehicles. The parties expect to sign a definitive agreement by the end of April 2023.
- Price Action: NWTN shares closed at $11.02 on Tuesday.
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