{"id":81381,"date":"2023-12-20T00:00:00","date_gmt":"2023-12-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/12\/20\/abu-dhabis-cyvn-buys-an-additional-13-1-stake-in-chinese-ev-company-nio\/"},"modified":"2023-12-20T00:00:00","modified_gmt":"2023-12-20T00:00:00","slug":"abu-dhabis-cyvn-buys-an-additional-13-1-stake-in-chinese-ev-company-nio","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/12\/20\/abu-dhabis-cyvn-buys-an-additional-13-1-stake-in-chinese-ev-company-nio\/","title":{"rendered":"Abu Dhabi\u2019s CYVN buys an additional 13.1% stake in Chinese EV company Nio"},"content":{"rendered":"

Abu Dhabi\u2019s <\/strong>CYVN<\/strong> acquires more stakes in Nio:<\/strong> UAE state-owned investment firm CYVN Holdings signed a share subscription agreement to acquire an additional 13.1% stake in Chinese EV maker Nio<\/a> for USD 2.2 bn, according to a statement<\/a>. This brings CYVN\u2019s total stake in the company to 20.1%.<\/p>\n

The details: <\/strong>CYVN\u2019s agreement \u2014 set to close in the last week of December \u2013 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. <\/p>\n

CYVN\u2019s third Nio buy up this year:<\/strong> In June, CYVN spent more than USD 1 bn to snap up a 7% stake<\/a> 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.<\/p>\n

Nio is expanding its war chest to compete with Tesla:<\/strong> Nio\u2019s EV sales and profitability have been pressured by a price war<\/a> 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. <\/p>\n

Plans for an EU expansion: <\/strong>Nio is currently developing two new EV models that it hopes to bring to the EU market from 2025, its executives said<\/a> on Friday.<\/p>\n

Nio is looking to expand its Mena foothold too: <\/strong>Back in October, a delegation from Nio met with<\/a> head of Egypt\u2019s Suez Canal Economic Zone Walid Gamal El Din to explore avenues for knowledge transfer and collaboration in the green mobility sector. The company\u2019s 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\u2019s cabinet<\/a> at the time.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition brings CYVN\u2019s total stake in the company to 20.1%<\/p>\n","protected":false},"author":1,"featured_media":81382,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[69,11,64,79,2005,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-china","tag-enterpriseclimate","tag-evs","tag-ma-watch","tag-nio","tag-uae","wpautop","entry"],"acf":{"mongo_id":"c6b80017-b7cc-41fa-a64f-4328de8a5e50","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1418.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu 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