On the morning of October 5, NIO announced that on October 4, under the joint witness of UAE President Mohammed and Egyptian President Sisi, NIO signed a strategic cooperation agreement with its strategic investor CYVN. They will establish an advanced technology R&D center in Abu Dhabi, focusing on smart driving and AI technology, and they will also jointly develop a new vehicle tailored for the local market.
NIO also declared its official business launch in the Middle East and North Africa region (MENA), operating through a joint venture — NIO MENA — established with CYVN. The UAE will be the first market for this venture, with operations set to begin in the UAE across all systems in Q4 of this year.
William Li, the founder, chairman, and CEO of NIO, stated: “Our partnership with CYVN Holdings is fundamental to our strategy for improving global access to smart electric vehicles and advancing technological innovation.”
“With the backing of CYVN, NIO is ready to expand its international operations and introduce cutting-edge EV technologies to users in the MENA region.”
NIO and CYVN Holdings are set to collaborate on a new electric vehicle initiative that will encompass research, manufacturing, and future product launches. The EV startup will also team up with its partners in Egypt to enhance EV production in the country.
Last December, NIO received a $2.2 billion (US) investment from CYVN Holdings in exchange for a 20.1% ownership stake in the premium electric vehicle manufacturer.
Source: WeChat Official Account—电动知家
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