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Abu Dhabi Commits $738.5 Million Investment in Nio, China's Tesla Competitor

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The Middle East is witnessing a surge in the presence of Chinese electric vehicle (EV) companies, as both investors and consumers in the region show a growing interest in China's alternatives to Tesla. Recently, Shanghai-based Nio revealed that CYVN Holdings, a smart mobility-focused investment firm primarily owned by the Abu Dhabi government, will invest a substantial $738.5 million in the Chinese EV manufacturer.


Nio, listed on the New York Stock Exchange, will issue 84,695,543 Class A ordinary shares at a price of $8.72 per share. Additionally, CYVN has entered into an agreement with a Tencent affiliate, which previously invested in Nio in 2017, to purchase 40,137,614 Class A ordinary shares from the prominent social and gaming giant.


Following the completion of these transactions, the Abu Dhabi-backed firm will possess a roughly 7% stake in Nio. Moreover, CYVN will have the right to nominate one director to Nio's board of directors, on the condition that it maintains ownership of at least 5% of the EV manufacturer.


This strategic investment from Abu Dhabi will also establish a partnership aimed at supporting Nio's global expansion. Nio embarked on its international journey in 2021, commencing with its entry into Norway and subsequently expanding into several other European markets. The United Arab Emirates has now emerged as an appealing market for China's EV companies, which face intense domestic price competition largely influenced by Tesla, as the country transitions towards achieving net-zero emissions.


In the previous year, a high-ranking UAE minister revealed the nation's plans to invest a substantial $160 billion in clean and renewable energy sources over the next three decades. This commitment builds upon the $40 billion already allocated to clean energy investments during the past 15 years.


BYD, a company rapidly gaining ground in global EV market share, announced its expansion into the UAE in March through a partnership with local distributor Al-Futtaim. The plan involves introducing four models, including all-electric and hybrid vehicles, to the Middle Eastern country.


Geely, China's largest private automaker with an expanding lineup of electric models, has also made its presence felt in the UAE market by collaborating with luxury car importer AGMC.

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