NWTN Inks Distribution Deal With Elfaba Covering More Than Seven Countries

Mobility technology company NWTN Inc 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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