Nio to secure $2.2b from Abu Dhabi's CYVN |

Nio to secure $2.2b from Abu Dhabi's CYVN Updated: 2023-12-19
Nio's booth is crowded with visitors at the 2023 Chengdu auto show. [Photo by Li Fusheng/]

Chinese EV startup Nio said on Monday that it has inked a deal of $2.2 billion with CYVN Holdings, an investment vehicle based in Abu Dhabi.

The deal, when completed, would see CYVN Holdings hold 20.1 percent of Nio's total issued and outstanding shares, following an investment of over $1 billion in July.

That mean the Abu Dhabi-based company will become the largest single shareholder of Nio, although founder and chief executive William Li retains the most voting power.

"With the enhanced balance sheet, Nio is well prepared to sharpen brand positioning, bolster sales and service capabilities, and make long-term investment in core technologies," said Li.

Nio sold 15,959 electric vehicles in November, representing a year-on-year increase of around 16 percent.

The startup saw its cumulative deliveries from January to November exceed 142,000 units, up 33 percent from the same period of 2022.

Jassem Al Zaabi, chairman and managing director of CYVN Holdings, said the transaction demonstrates its confidence in Nio's unique positioning and competitiveness in the global smart EV industry.

"We are excited to be a long-term strategic partner of Nio and support its efforts in product innovation, technological breakthroughs and international market expansion," he said.