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Robo.ai Inc. (NASDAQ:AIIO) on Monday said it will set up a commercial vehicle joint venture with Pakistan’s JW Group, as part of its strategy to expand into green mobility and smart city development.
The company said the venture, named RoBUS, will be headquartered in the United Arab Emirates. Robo.ai also appointed River Zhang as its Chief Industrial Officer and President of RoBUS.
Zhang, a former senior executive at NIO (NYSE:NIO), Ford (NYSE:F) and Volvo (OTC:VLVLY), has overseen the launch of nearly 20 vehicle models and brings extensive expertise in automotive production and intelligent manufacturing.
Also Read: Why Is Robo.ai Stock Trading Higher Thursday?
The launch of RoBUS marks another step in advancing Robo.ai’s strategic vision of “Middle East Headquarters + Collaborative Manufacturing + Global Market.” The companies had earlier unveiled plans for a commercial vehicle production hub in South Asia.
RoBUS intends to develop customized products for the Middle East, Africa, and Southeast Asia, aligned with applicable local regulations and customer requirements.
Robo.ai will contribute capital market support, brand building expertise, and market expansion facilitation in the Middle East and globally.
JW Group is expected to provide manufacturing capacity through its overseas facilities and extend market reach via its network of more than 400 distributors.
River Zhang, President of RoBUS, said, “The establishment of RoBUS is a key initiative supporting UAE’s ‘We the UAE 2031’ national vision and our goal to create a green and smart commercial vehicle platform.”
“The creation of RoBUS will accelerate the adoption of green and smart commercial vehicles. By establishing a shared intelligent manufacturing platform, we look forward to collaborating with Robo.ai to build a highly influential commercial vehicle hub to serve global markets,” stated Javed Afridi, Chief Executive Officer of JW Group.
Price Action: AIIO shares were trading higher by 12.20% to $1.840 premarket at last check Monday.
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