NIO and CYVN Holdings Form Joint Venture to Drive Smart Electric Vehicle Innovation in the MENA Region
October 4, 2024, Cairo – NIO, a leader in the premium smart electric vehicle (EV) sector, has partnered with Abu Dhabi based CYVN Holdings, a leading investor in smart and advanced mobility, to launch NIO MENA.
The collaboration marks NIO’s entry into the Middle East and North Africa (MENA) region, where it aims to introduce cutting-edge electric vehicle solutions to more users, contributing to the region’s sustainable development goals.
Supported by the strategic investments from CYVN Holdings, NIO MENA will introduce NIO’s vehicle models, as well as those from its subsidiary brands to the MENA market, expanding its footprint and integrating further into the global smart EV ecosystem.
The UAE has been chosen as the initial market for NIO MENA, positioning the region as a key player in deploying advanced autonomous driving systems and battery-swapping technologies. In addition to market entry, NIO and CYVN Holdings plan to establish a state-of-the-art research and development (R&D) centre in Abu Dhabi. This facility will focus on autonomous driving and artificial intelligence advancements, reinforcing NIO’s global R&D capabilities and fostering technological innovation in the MENA region.
As part of their broader regional vision, NIO and CYVN Holdings also plan to collaborate on a new electric vehicle 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.
His Excellency Jassem Mohamed Obaid Bu Ataba Alzaabi, Chairman of CYVN Holdings, said:“We are proud to support NIO as it leads the way in the electric vehicle sector. This partnership is a testament to our mutual commitment to fostering the strength of our strategic collaborations and achieving transformative goals in the smart mobility sector.”
William Li, the Founder, Chairman, and CEO of NIO said:“Our collaboration with CYVN Holdings is a cornerstone in our strategy to enhance global accessibility to smart electric vehicles and to push the boundaries of technological innovation. With CYVN’s support, NIO is poised to accelerate its international business scope and bring innovative EV technologies to users in the MENA region.”
About NIO
NIO is a global smart electric vehicle company founded in November 2014. Dedicated to creating a joyful lifestyle for users by providing high-performance smart electric vehicles and exceptional user experiences, NIO is the first car company listed in the United States, Hong Kong, and Singapore. NIO currently has two major brands under its umbrella: NIO and ONVO.
After more than nine years of development, NIO has become one of the world’s leading smart electric vehicle companies. NIO is committed to the forward development of core technologies, and as of the end of June 2024, the company has filed for and obtained over 9,000 patents. Additionally, NIO has developed NIO Full Stack, a collection of 12 technology domains.
NIO has R&D and manufacturing facilities in Shanghai, Hefei, Beijing, Nanjing, Shenzhen, Hangzhou, San Jose, Munich, Oxford, Berlin, Budapest, and Singapore. The company has also established sales and service networks in China, Norway, Germany, the Netherlands, Sweden, and Denmark.
NIO currently offers eight high-end smart electric vehicle models. ONVO’s first product will be launched in September 2024. As of June 30, 2024, NIO has delivered a total of 537,020 vehicles, leading the premium BEV segment priced above RMB 300,000.
Media Contact:
Emma Hai