Smart and Sustainable Electric Mobility
Mavel, founded in Italy in 1999, will be a supplier of core components for Nio's next-generation platform, Nio Capital said.
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Last week, William Li accompanied several foreigners on a tour of a battery swap station, sparking a new round of rumors that Nio and Mercedes-Benz had entered into a partnership.
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Through Volkswagen's partnership with Xpeng and Audi's with SAIC, Volkswagen is strengthening its position in the Chinese auto market, the German auto giant said.
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Xpeng and Volkswagen will initially co-develop two B-segment BEVs sold under the Volkswagen brand in the Chinese market using Xpeng's G9 platform and ADAS software, with production expected to begin in 2026.
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HoloMatic expects its losses to narrow dramatically by 2024 and to break even by 2025, when it will apply for a stock market listing.
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Sunwoda's power battery installations in China amounted to 0.73 GWh in June, placing it at No. 6 with a 2.21 percent share.
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Talent's second phase of a 2 GWh/year plant in Chongqing is expected to be completed by the end of 2023, and a 10 GWh/year industrial park project in Anhui is under construction.
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Tianqi has acquired a 2.83 percent stake in Smart, giving the Mercedes-Geely JV a valuation of $5.3 billion.
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Nio and the CYVN entities will work together on strategic collaborations in international business and technology partnerships, the EV maker said.
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The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, NIO said.
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NIO (NYSE: NIO) announced yesterday that it has received an investment of about $1.1 billion from CYVN Holdings, an Abu Dhabi government fund, to strengthen its balance sheet and support business growth.
In an article posted on its mobile app, William Li, founder, chairman and CEO of NIO, provided some details about the deal.
The partnership, which went from discussion to agreement in just three weeks, demonstrates Abu Dhabi's commitment to investing in technology innovation and clean energy transformation, and ultra-efficient decision-making and execution, Li said in an article posted on the NIO App yesterday.
They have a vision and execution that is highly aligned with NIO's Vision, Action philosophy, Li said.
"I believe the partnership will further drive the vision of Blue Sky Coming to fruition at a sooner date," Li added.
NIO signed a share subscription agreement on June 20 with CYVN Holdings, which will invest a total of about $1.1 billion in the Chinese electric vehicle (EV) company through the purchase of additional new shares in NIO and the transfer of shares from an existing shareholder.
In addition to the investment, the two companies will also strategically collaborate on NIO's international business, Li said.
The investment reflects NIO's unique value in the global smart EV industry and will provide continued momentum for the company's long-term growth, Li said in the NIO App article.
CYVN Holdings' investment in NIO comes at a time when the global EV market, particularly in China, is growing rapidly, resulting in a diminishing reliance on oil.
Oil nations, particularly Saudi Arabia, are already actively embracing this change.
On December 7, 2022, Chinese new energy vehicle (NEV) startup Enovate Motors signed a deal in Saudi Arabia with local company Sumou Holding to jointly build a NEV production plant there.
The two parties will spend a total of about $500 million in two phases in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs, and the facility will be the first Chinese-branded NEV production base in the country, Enovate said at the time.
On June 12, a statement from Saudi Arabia's state news agency said the Saudi Arabian Ministry of Investment had signed a $5.6 billion deal with Chinese EV company Human Horizons to collaborate on developing, manufacturing and marketing vehicles.
BREAKING: NIO secures $1.1 billion investment from Abu Dhabi fund
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