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Japanese Hoverbike Company Expands into UAE Market

by Mia Yao
Japanese Hoverbike Company Expands into UAE Market

Japanese hoverbike company AERWINS Technologies will establish a joint venture company in the United Arab Emirates (UAE) as a production and marketing base for its air mobility products.

The joint venture agreement, one week after AERWINS’s business merger, was reached between Dubai investment firm Vault Investments LLC and AERWINS Technologies with its wholly owned subsidiary A.L.I. Technologies.

The business expansion will accelerate the delivery of products in the Middle East as the company is planning to conduct a flight demonstration in the UAE this spring.

Earlier in February, AERWINS Technologies closed a business merger with special purpose acquisition company Pono Capital’s subsidiary and commenced trading on the Nasdaq Global Market under the ticker symbols “AWIN” and “AWINW.” Company shares fell 51% to US$5.40 on the first trading day and declined 12% to US$2.25 on the third day.

AERWINS Technologies is the developer and manufacturer of the air mobility platform, C.O.S.M.O.S. (Centralized Operating System for Managing Open Sky), and the XTURISMO Limited Edition Hoverbike, which sells at US$555,000.

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