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