{"id":35491,"date":"2023-06-20T21:52:35","date_gmt":"2023-06-20T21:52:35","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/20\/abu-dhabi-pours-738-5m-into-chinas-tesla-challenger-nio\/"},"modified":"2023-06-20T21:52:36","modified_gmt":"2023-06-20T21:52:36","slug":"abu-dhabi-pours-738-5m-into-chinas-tesla-challenger-nio","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/20\/abu-dhabi-pours-738-5m-into-chinas-tesla-challenger-nio\/","title":{"rendered":"Abu Dhabi pours $738.5M into China\u2019s Tesla challenger Nio"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/20\/abu-dhabi-738m-china-tesla-challenger-nio\/<\/a><\/br>
\nAbu Dhabi pours $738.5M into China\u2019s Tesla challenger Nio<\/br>
\n2023-06-20 21:52:35<\/br><\/p>\n

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China\u2019s electric vehicle companies are pouring into the Middle East where both investors and consumers have a growing appetite for the country\u2019s Tesla challengers.<\/p>\n

Shanghai-based Nio announced<\/a> Tuesday that CYVN Holdings, a smart mobility-focused investment vehicle majority-owned by the Abu Dhabi government, will invest a total of $738.5 million in the Chinese EV maker.<\/p>\n

Nio, which is listed on NYSE, will issue 84,695,543 Class A ordinary shares at $8.72 apiece. In addition, CYVN has entered into an agreement with an affiliate of Tencent, which invested in Nio back in 2017<\/a>, to purchase 40,137,614 Class A ordinary shares from the social and gaming giant.<\/p>\n

Upon completion of the deals, the Abu Dhabi-backed firm will own a roughly 7% stake in Nio. CYVN will have the right to nominate one director to Nio\u2019s board of directors so long as it continues to own no less than 5% of the EV maker.<\/p>\n

Abu Dhabi\u2019s strategic investment will also initiate a partnership to help Nio expand globally. Nio launched its internalization in 2021<\/a>, starting with Norway followed by several other European markets. But now the United Arab Emirates, in its transition to net zero<\/a>, has become an attractive market to China\u2019s EV companies that are facing mounting price competition at home that\u2019s in part sparked by Tesla.<\/p>\n

Last year, a senior minister of the UAE unveiled<\/a> that the country had plans to invest $160 billion in clean and renewable energy sources over the next three decades, building on top of the $40 billion already committed to clean energy over the last 15 years.<\/p>\n

BYD, which is quickly catching up on Tesla\u2019s global market share, announced<\/a> its entry into the UAE in March through a partnership with local distributor Al-Futtaim, with plans to bring four of its models, including all-electric and hybrid vehicles, to the Middle Eastern country.<\/p>\n

Geely, the largest private automaker in China with an expanding line of electric models, has also plugged itself into the UAE market by working with\u00a0the luxury car importer AGMC<\/a>.<\/p>\n<\/p><\/div>\n

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Science, Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/06\/20\/abu-dhabi-738m-china-tesla-challenger-nio\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/20\/abu-dhabi-738m-china-tesla-challenger-nio\/ Abu Dhabi pours $738.5M into China\u2019s Tesla challenger Nio 2023-06-20 21:52:35 China\u2019s electric vehicle companies are pouring into the Middle East where both investors and consumers have a growing appetite for the country\u2019s Tesla challengers. Shanghai-based Nio announced Tuesday that CYVN Holdings, a smart mobility-focused investment vehicle majority-owned by the Abu Dhabi government, will […]<\/p>\n","protected":false},"author":1,"featured_media":35492,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-35491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nAbu Dhabi pours $738.5M into China\u2019s Tesla challenger Nio - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/06\/20\/abu-dhabi-pours-738-5m-into-chinas-tesla-challenger-nio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Dhabi pours $738.5M into China\u2019s Tesla challenger Nio - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/20\/abu-dhabi-738m-china-tesla-challenger-nio\/ Abu Dhabi pours $738.5M into China\u2019s Tesla challenger Nio 2023-06-20 21:52:35 China\u2019s electric vehicle companies are pouring into the Middle East where both investors and consumers have a growing appetite for the country\u2019s Tesla challengers. 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