Nio, a Chinese electric vehicle (EV) manufacturer, has announced the formation of a joint venture named Nio MENA with Abu Dhabi-based CYVN Holdings. This partnership marks Nio’s entry into the Middle East and North Africa (MENA) market with local production, research, and development plans.
On October 4, the agreement was signed in the presence of the President of the United Arab Emirates and the President of Egypt. William Li, Nio’s founder, chairman, and CEO, described the occasion as a significant milestone in the company’s global expansion efforts.
Nio MENA will introduce Nio’s models and those of its sub-brands to the MENA region, starting with the United Arab Emirates as the initial market. This move positions the UAE as a key player in deploying advanced autonomous driving systems and battery swap technologies.
During the signing event, the two presidents experienced the Nio ES8, the Onvo L60, and an undisclosed new vehicle model. Nio and CYVN plan to collaborate on a new EV project encompassing research, manufacturing, and future product launches. This initiative includes working with local partners in Egypt to enhance the country’s role in the electric vehicle manufacturing sector.
Furthermore, Nio and CYVN intend to establish a research and development center focused on autonomous driving and artificial intelligence in Abu Dhabi. William Li stated that Nio will commence deliveries in the UAE in the fourth quarter of this year, providing comprehensive services to customers in the MENA region from its base in the UAE.
CYVN Holdings has made significant investments in Nio, totaling $3.3 billion in 2023, making it the largest shareholder with approximately a 20.1 percent stake. In February, two individuals appointed by CYVN joined Nio’s board of directors. Later that month, Nio entered into a technology licensing agreement with Forseven Limited, a UK-based EV startup funded by CYVN. This agreement grants Forseven a non-exclusive, non-transferable worldwide license to utilize certain of Nio’s existing and future technology solutions, software, and intellectual property related to its smart EV platform.
Source: NIO
