Chinese EV Firm NIO Gets US$738 Million From Abu Dhabi Fund

Shanghai headquartered premium smart electric vehicle company NIO, has entered into a share subscription agreement with CYVN Holdings an investment company majority owned by the Abu Dhabi Government focused on advanced and smart mobility.

According to a statement from NIO, CYVN has invested US$738.5 million in NIO and will receive 84,695,543 newly issued Class A ordinary shares.

CYVN is also purchasing a stake from a subsidiary of Tencent, acquiring another 40,137,614 Class A ordinary shares for total ownership of 7% of the company. The deal is expected to close in the coming weeks and will see a CYVN director appointed to NIO’s board.

NIO’s product portfolio consists of the ES8, a six-seater smart electric flagship SUV, the ES7 (or the EL7), a mid-large five-seater smart electric SUV, the ES6, a five-seater all-round smart electric SUV, the EC7, a five-seater smart electric flagship coupe SUV, the EC6, a five-seater smart electric coupe SUV, the ET7, a smart electric flagship sedan, the ET5, a mid-size smart electric sedan, and the ET5 Touring, a smart electric tourer.

Commenting on the investment, Jassem Al Zaabi, Chairman and Managing Director of CYVN Holdings said: “Our strategic investments in NIO are driven by our appreciation of its leading brand, innovative and premium products, and proven technological capabilities in the smart electric vehicle market. We are excited to develop strategic partnerships with NIO, and are fully committed to providing strategic value that will support NIO’s international business growth.

William Bin Li, founder, chairman and chief executive officer of NIO remarked: “We are excited about the prospect of partnering with CYVN Holdings to expand our international business. We will continue to strive for technological breakthroughs and user experiences contributing to a more sustainable future.”