{"id":87842,"date":"2023-12-19T00:00:00","date_gmt":"2023-12-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabi-fund-to-pour-usd-2-2-bn-in-chinese-evs\/"},"modified":"2023-12-19T00:00:00","modified_gmt":"2023-12-19T00:00:00","slug":"abu-dhabi-fund-to-pour-usd-2-2-bn-in-chinese-evs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/19\/abu-dhabi-fund-to-pour-usd-2-2-bn-in-chinese-evs\/","title":{"rendered":"Abu Dhabi fund to pour USD 2.2 bn in Chinese EVs"},"content":{"rendered":"

CYVN to pour USD 2.2 bn into Tesla\u2019s Chinese rival Nio: <\/strong>CYVN Holdings, an investment firm owned by the Abu Dhabi government, has agreed to a c.USD 2.2 bn equity investment in Chinese electric vehicle manufacturer Nio<\/a>, the Shanghai-based company said in a statement<\/a> yesterday. <\/p>\n

The details:<\/strong> Under the share subscription agreement, CYVN will invest USD 2.2 bn to subscribe for 294 mn newly issued shares at USD 7.50 each. CYVN will also have the right to nominate two directors to Nio\u2019s BoD. Once the transaction closes \u2014 which is set to happen in the last week of December \u2014 CYVN will hold a 20.1% stake in Nio. <\/p>\n

Market reax: <\/strong>Following news of the transaction, Nio\u2019s shares jumped 9.5% in US premarket trade before paring gains and closing up 4.6%. <\/p>\n

CYVN\u2019s investment will be getting Nio out of its tight spot: <\/strong>The EV maker has been repeatedly posting losses, losing USD 835 mn in 2Q 2023, amounting to a USD 35k loss for each car sold, the New York Times<\/a> reported. However, its losses narrowed<\/a> modestly by 24.8% in 3Q, posting a net loss of USD 649 mn. <\/p>\n

CYVN is no stranger to Nio: <\/strong>CYVN invested USD 738.5 mn in Nio in July<\/a>. Additionally, it had inked an agreement with an affiliate of Tencent Holdings<\/a> to buy ordinary shares in Nio for USD 350 mn. The combined investments of about USD 1 bn gives CYVN ownership of around 7% of Nio\u2019s shares. <\/p>\n","protected":false},"excerpt":{"rendered":"

CYVN to pour USD 2.2 bn into Tesla\u2019s Chinese rival Nio: CYVN Holdings, an investment firm owned by the Abu Dhabi government, has agreed to a c.USD 2.2 bn equity investment in Chinese electric vehicle manufacturer Nio, the Shanghai-based company said in a statement yesterday. The details: Under the share subscription agreement, CYVN will invest […]<\/p>\n","protected":false},"author":1,"featured_media":87843,"comment_status":"","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":[1557],"tags":[1360,284,552,7,194,25,1410],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-abu-dhabi","tag-china","tag-cyvn-holdings","tag-enterpriseam-uae","tag-evs","tag-investment-watch","tag-nio","wpautop","entry"],"acf":{"mongo_id":"390a5e4d-5246-45de-869f-4cf28504583d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1233.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi\u2019s CYVN Holdings to invest USD 2.2 bn in Chinese EV manufacturer Nio","related_issue":[87836],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.78c75ea5-384a-4b01-90e4-95cf127cc7f4.mp3"},"yoast_head":"\nAbu Dhabi fund to pour USD 2.2 bn in Chinese EVs - UAE<\/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:\/\/enterpriseam.com\/uae\/2023\/12\/19\/abu-dhabi-fund-to-pour-usd-2-2-bn-in-chinese-evs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Dhabi fund to pour USD 2.2 bn in Chinese EVs\" \/>\n<meta property=\"og:description\" content=\"CYVN to pour USD 2.2 bn into Tesla\u2019s Chinese rival Nio: CYVN Holdings, an investment firm owned by the Abu Dhabi government, has agreed to a c.USD 2.2 bn equity investment in Chinese electric vehicle manufacturer Nio, the Shanghai-based company said in a statement yesterday. 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