NWTN Suspends Rabdan Vehicle Production Following UAE Authority's Directive, Rebadges 320 Vehicles, Expects $17M Inventory Impairment, Reduces Workforce by 57%, and Explores New Partnerships Amid Challenges
Portfolio Pulse from Benzinga Newsdesk
NWTN has suspended the production of Rabdan vehicles following a directive from UAE authorities. The company is rebadging 320 vehicles, expects a $17 million inventory impairment, and is reducing its workforce by 57%. NWTN is also exploring new partnerships to navigate these challenges.
September 19, 2024 | 8:15 pm
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NWTN has halted Rabdan vehicle production due to a UAE directive, leading to a $17M inventory impairment and a 57% workforce reduction. The company is rebadging 320 vehicles and seeking new partnerships.
The suspension of production and significant workforce reduction are likely to negatively impact NWTN's operations and financials in the short term. The $17M inventory impairment further adds to the financial strain. However, exploring new partnerships could provide future opportunities.
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