CYVN reached a non-binding agreement to acquire 100 percent of McLaren's automotive business from Bahrain's sovereign wealth fund Mumtalakat.
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Category: CYVN Holdings
Nio MENA will introduce Nio and its sub-branded models to Middle East and North Africa markets. Nio and CYVN plan to collaborate on a new EV program involving research, manufacturing and future product launches.
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Nio will grant Forseven a worldwide license to use certain of its existing and future technical information, technical solutions.
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Nio today announced changes to its board of directors, with two people appointed by CYVN Holdings joining and one person appointed by Tencent dropping out.
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Nio said it and CYVN, as well as their respective subsidiaries, will continue to work closely together in pursuing strategic and technological collaborations in international markets.
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At the end of February, Li's stake in Nio was 10.5 percent, with 44.2 percent of the voting rights. CYVN will hold a 20.1 percent stake in Nio after its latest investment.
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Nio and the CYVN entities will work together on strategic collaborations in international business and technology partnerships, the EV maker said.
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The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, NIO said.
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NIO (NYSE: NIO) announced yesterday that it has received an investment of about $1.1 billion from CYVN Holdings, an Abu Dhabi government fund, to strengthen its balance sheet and support business growth.
In an article posted on its mobile app, William Li, founder, chairman and CEO of NIO, provided some details about the deal.
The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, and ultra-efficient decision-making and execution, Li said in an article posted on the NIO App yesterday.
They have a vision and execution that is highly aligned with NIO's Vision, Action philosophy, Li said.
"I believe the partnership will further drive the vision of Blue Sky Coming to fruition at a sooner date," Li added.
NIO signed a share subscription agreement on June 20 with CYVN Holdings, which will invest a total of about $1.1 billion in the Chinese electric vehicle (EV) company through the purchase of additional new shares in NIO and the transfer of shares from an existing shareholder.
In addition to the investment, the two companies will also strategically collaborate on NIO's international business, Li said.
The investment reflects NIO's unique value in the global smart EV industry and will provide continued momentum for the company's long-term growth, Li said in the NIO App article.
CYVN Holdings' investment in NIO comes at a time when the global EV market, particularly in China, is growing rapidly, resulting in a diminishing reliance on oil.
Oil nations, particularly Saudi Arabia, are already actively embracing this change.
On December 7, 2022, Chinese new energy vehicle (NEV) startup Enovate Motors signed a deal in Saudi Arabia with local company Sumou Holding to jointly build a NEV production plant there.
The two parties will spend a total of about $500 million in two phases in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs, and the facility will be the first Chinese-branded NEV production base in the country, Enovate said at the time.
On June 12, a statement from Saudi Arabia's state news agency said the Saudi Arabian Ministry of Investment had signed a $5.6 billion deal with Chinese EV company Human Horizons to collaborate on developing, manufacturing and marketing vehicles.
BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund
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