Image credit: Krisztian Bocsi/ Getty Images
Chinese electric vehicle (EV) maker NIO is making its Middle East debut through a partnership with CYVN Holdings. The new joint venture, NIO MENA, will bring NIO’s electric vehicles to the region, marking a significant step in the company’s global expansion.
CYVN Holdings will support NIO with strategic investments for the expansion, which will start with UAE.
The two entities plan to establish a research and development (R&D) centre in Abu Dhabi that will focus on autonomous driving and artificial intelligence (AI) advancements. This will strengthen NIO’s global R&D capabilities and foster technological innovation in the MENA region.
“Our collaboration with CYVN Holdings is a cornerstone in our strategy to enhance global accessibility to smart electric vehicles and push the boundaries of technological innovation,” said William Li, founder, chairman, and CEO of NIO.
“With CYVN’s support, NIO is poised to accelerate its international business scope and bring innovative EV technologies to users in the MENA region.”
Nio and CYVN Holdings plan to collaborate on a new EV project that will involve research, manufacturing, and future product launches. The EV startup would also work with its partners in Egypt to expand EV manufacturing in the country.
Last December, Nio secured a $2.2bn cash injection from CYVN Holdings for a 20.1 per cent stake in the premium electric car manufacturer.
NIO delivered 149,281 vehicles in the January-September period, a 35.7 per cent increase from the corresponding period a year ago.
