NWTN Motors, a green mobility technology company, agreed to acquire a 27.5% stake in China Evergrande New Energy Vehicle Group, a Chinese automobile manufacturer, for $500m. "The Company believes a partnership with EVGRF will enable synergies between the two companies, while facilitating EVGRF’s research and development and mass production of new car models for eventual export overseas. By helping to address EVGRF’s near-term capital needs and partner in expanding its market overseas, the Company believes EVGRF can be instrumental in addressing the EV needs of the Middle East," NWTN Motors.