The electric-vehicle (EV) unit of China Evergrande Group agreed to sell a 27.5 percent stake to Dubai-based startup NWTN.
NWTN will invest $500 million in China Evergrande New Energy Vehicle Group.
NWTN, founded by Chinese entrepreneur Alan Nan Wu, operates an EV-assembly facility in the Khalifa Industrial Zone Abu Dhabi (Kizad), which is under the AD Ports Group.