Abu Dhabi’s CYVN acquires more stakes in Nio: UAE state-owned investment firm CYVN Holdings signed a share subscription agreement to acquire an additional 13.1% stake in Chinese EV maker Nio for USD 2.2 bn, according to a statement. This brings CYVN’s total stake in the company to 20.1%.

The details: CYVN’s agreement — set to close in the last week of December – would see it channel the full USD 2.2 bn investment in cash to subscribe to 294 mn newly issued Class A ordinary shares priced at USD 7.50 per share, the statement notes.

CYVN’s third Nio buy up this year: In June, CYVN spent more than USD 1 bn to snap up a 7% stake in the Shanghai-based electric automaker. To reach 7% ownership, the Abu Dhabi investment firm purchased 85 mn shares directly from Nio at a value of USD 738.5 mn, and another 40 mn shares from an affiliate of Chinese internet giant Tencent for USD 350 mn.

Nio is expanding its war chest to compete with Tesla: Nio’s EV sales and profitability have been pressured by a price war started by EV giant Tesla. The new capital injection is aimed at helping the company realize its target of turbocharging efficiency and expanding system capabilities, Nio founder and CEO William Bin Li noted in the statement.

Plans for an EU expansion: Nio is currently developing two new EV models that it hopes to bring to the EU market from 2025, its executives said on Friday.

Nio is looking to expand its Mena foothold too: Back in October, a delegation from Nio met with head of Egypt’s Suez Canal Economic Zone Walid Gamal El Din to explore avenues for knowledge transfer and collaboration in the green mobility sector. The company’s manufacturing capacity stands at 600k EVs annually, with plans to increase the volume to 1 mn cars by establishing new production lines and facilities, the representatives told Egypt’s cabinet at the time.

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