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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/06\/20\/abu-dhabi-738m-china-tesla-challenger-nio\/<\/a><\/br> 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 <\/br><\/br><\/br><\/p>\n
\nAbu Dhabi pours $738.5M into China\u2019s Tesla challenger Nio<\/br>
\n2023-06-20 21:52:35<\/br><\/p>\n