Smart electric vehicle (EV) company NIO has announced a partnership with Abu Dhabi-based investor CYVN Holdings to launch NIO MENA.
The joint venture (JV), supported by strategic investments from CYVN Holdings, will introduce NIO’s vehicle models and those from its subsidiary brands to the MENA market, marking the company’s entry into the region.
William Li, Founder, Chairman, and CEO of NIO, called the CYVN Holdings collaboration a “cornerstone” in its strategy to enhance global accessibility to smart EVs and advance technological innovation.
In addition to market entry, NIO and CYVN Holdings reportedly plan to establish a research and development (R&D) centre in Abu Dhabi focused on autonomous driving and artificial intelligence advancements.
NIO currently has R&D and manufacturing facilities in Shanghai, Hefei, Beijing, Nanjing, Shenzhen, Hangzhou, San Jose, Munich, Oxford, Berlin, Budapest, and Singapore.
According to a statement this week, the two will also collaborate on an EV project involving research, manufacturing, and future product launches.
Through this initiative, NIO MENA will work with local partners in Egypt, it was shared this week.