Nio and CYVN plan to collaborate on a new EV project involving research, manufacturing and future product launches.
(Image credit: Nio)
Nio (NYSE: NIO) has announced the formation of a joint venture in the Middle East to expand into the Middle East and North Africa (MENA) market, with plans for local production.
The Chinese electric vehicle (EV) maker today announced the formation of Nio MENA with its Middle East backer, Abu Dhabi-based CYVN Holdings, in a partnership that marks Nio’s entry into the MENA market.
An agreement was signed on October 4 in the presence of the President of the United Arab Emirates, as well as the President of Egypt, in what William Li, Nio’s founder, chairman, and CEO, called an important day in the company’s globalization process.
The two presidents experienced the Nio ES8, the Onvo L60 and a new car that has yet to be unveiled, according to Li.
Nio MENA will introduce models from Nio and its sub-brands to the MENA market, expanding its footprint and further integrating it into the global smart EV ecosystem, according to a statement.
The UAE has been selected as the initial market for Nio MENA, positioning the region as a key player in the deployment of advanced autonomous driving systems and battery swap technologies.
As part of its broader regional vision, Nio and CYVN plan to collaborate on a new EV project involving research, manufacturing and future product launches.
This initiative will see Nio MENA working with local partners in Egypt, further advancing Egypt’s role in the electric vehicle manufacturing landscape, Nio said.
Nio and CYVN also plan to establish a research and development center in Abu Dhabi that will focus on the development of autonomous driving and artificial intelligence, according to the EV maker’s statement in English.
Separately, Li said in a post on the Nio App that the company will work jointly with CYVN to develop an all-new model for the local market.
Nio will start deliveries in the UAE in the fourth quarter of this year, offering Nio’s full system of services to customers in the MENA region from the UAE, Li said.
CYVN completed two investments in Nio totaling $3.3 billion in 2023, making it the largest shareholder in the Chinese EV maker, with a stake of about 20.1 percent.
On February 7 of this year, Nio’s board of directors changed, with the addition of two people appointed by CYVN.
On February 26, Nio announced that it had entered into a technology licensing agreement with Forseven Limited, a subsidiary of CYVN, a UK-based EV start-up company bankrolled by CYVN.
Nio will grant Forseven a non-exclusive and non-transferable worldwide license to use certain of the company’s existing and future technology solutions, software and intellectual property related to the company’s smart EV platform, according to its announcement.
Nio signs technology license agreement with CYVN subsidiary Forseven
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Source link : https://cnevpost.com/2024/10/05/nio-cyvn-form-nio-mena/
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Publish date : 2024-10-05 01:11:00
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