NIO and CYVN Holdings to establish joint venture for the development of smart electric vehicle technology in the MENA Region

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WAM- Global electric vehicle leader NIO has partnered with Abu Dhabi investor CYVN Holdings in the establishment of a new joint venture aimed to accelerate the development and adoption of smart electric vehicles across the Middle East and North Africa.


The declaration was signed in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Vice President and Prime Minister of the UAE and Ruler of Abu Dhabi, and Abdel Fattah El-Sisi, President of Egypt, therefore demonstrating that the move received strong support from regional leaders.


Under the joint venture, NIO and CYVN Holdings will team up for localizing smart electric vehicle technologies and services of NIO in the MENA market. The initiative includes manufacturing, assembly, and battery swap facilities in the region as well as building out NIO House experience centers and NIO battery charging infrastructure.


It is also going to accelerate R&D of next-generation EV technologies that are designed to meet the requirements of the MENA market. These include high-efficiency electric powertrains, autonomous driving systems, smart connectivity solutions, and automated battery swapping solutions.


Electrification of the transport sector is one of the most strategic priorities for the UAE and many countries in the MENA region on their path to progress toward Net Zero 2050 and towards the overall push toward cleaner sources of energy. NIO-CYVN Holdings aims to be a partner in these national agendas by providing locally produced, smart, and advanced electric vehicles that are affordable and convenient to own and operate.


The partnership underlines an important milestone for one of the world's largest producers in electric vehicles - NIO, as well as clearly symbolizes the investment desires of CYVN Holdings in innovative technologies of the future that can better accelerate sustainable development across the region.

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