Tesla Rival Nio Gains Ground With $2.2 Billion Investment from UAE-Based Frim CYVN Holdings

Benzinga 2023-12-19

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Chinese electric vehicle maker Nio has secured $2.2 billion in investment from CYVN Holdings of Abu Dhabi, giving the Tesla challenger a longer financial runway as it seeks to make inroads in an increasingly competitive market. The deal, which follows a previous $1 billion investment from CYVN in July, will give the Emirates-based firm a 20% shareholding in Nio. CYVN will also be able to nominate two directors to Nio's board.

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