NWTN announces financial results for the six months ended June 30, 2023

NWTN announces financial results for the six months ended June 30, 2023

DUBAI, UAE/PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world ("NWTN" or the "Company"), today announced its unaudited financial results for the six months ended June 30, 2023.

Financial Highlights (all results compared to the same period of prior year period unless otherwise noted)

- Revenue was $0.6 million, which was nil for the six months ended June 30, 2022.

- Gross margin was 10.8%, which was nil for the six months ended June 30, 2022.

- Net loss was $69.8 million, which was $9.2 million for the six months ended June 30, 2022.

- Inventories amounted to $51.7 million at June 30, 2023, compared to $2.1 million at December 31, 2022.

Management Commentary

The Company completed the construction of its electric vehicle assembly facility in Khalifa Economic Zones Abu Dhabi ("KEZAD") at the end of 2022 and obtained production and sales licenses from Abu Dhabi Emirate in early 2023. Subsequently, the KEZAD plant received certifications of ISO 9001, ISO 14001, and ISO 45001. During the six months ended June 30, 2023, the Company delivered ten vehicles to one customer.

The Company has continued to systematically upgrade its production facility to expand its capacity and to train