Chinese electric car maker Nio has signed an agreement for an investment of $2.2 billion from CYVN Holdings, an investment entity backed by Abu Dhabi.
The deal, which will close this month, is expected to take CYVN's shareholding to 20.1 per cent of Nio's total issued and outstanding shares, following an investment of $1 billion in July, Nio said in a statement on Tuesday.
CYVN will subscribe to 294,000,000 newly issued Class A ordinary shares priced at $7.50 each and will also be entitled to nominate two directors to Nio's board, the company said.
“With the enhanced balance sheet, Nio is well prepared to sharpen brand positioning, bolster sales and service capabilities, and make long-term investment in core technologies,” said William Li, founder, chairman and chief executive of Nio.
“We are confident that Nio will further solidify its leading position in the transformation of the automotive industry.”
The deal comes against the backdrop of rising competition, with major car makers, including market leader Tesla, cutting EV prices to boost sales.
Nio’s net loss in the third quarter narrowed to about $644 million, compared with a loss of nearly $856 million in the second quarter.
However, the company’s revenue more than doubled to $2.69 billion during the same period.
“Our increased investment in Nio represents a continuation of our ongoing strategy to build a leading global portfolio in the mobility space,” said Jassem Al Zaabi, chairman and managing director of CYVN Holdings.
“This transaction demonstrates our confidence in Nio’s unique positioning and competitiveness in the global smart EV industry.”
China, the world’s second-largest economy, accounted for 60 per cent of global electric car sales in 2022, according to the International Energy Agency.
Global electric car sales are set to surge by 35 per cent this year around the world, helped by government subsidies and the tightening of carbon dioxide emissions standards, the agency said in its Global Electric Vehicle Outlook in April.
EVs are projected to account for half of global car sales by 2035 and hit about 73 million units by 2040, from two million in 2020, a study by Goldman Sachs showed in February.
During that time, the percentage of EVs in global car sales is projected to rise to 61 per cent, from 2 per cent.
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How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Mohammed bin Zayed Majlis
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- November 2021: First 17 volumes launched
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