Recently, NIO announced that it has signed a strategic cooperation agreement with strategic investor CYVN to establish an advanced technology research and development center in Abu Dhabi, United Arab Emirates, to jointly develop new models for the local market. At the same time, NIO will officially launch business in the Middle East and North Africa, operating through the NIO Middle East and North Africa Company, a joint venture established with CYVN.
CYVN is an investment institution majority-owned by the Abu Dhabi government in the United Arab Emirates, focusing on investment in the smart travel industry. Last year, CYVN made two investments totaling US$3.3 billion in Weilai. This cooperation is part of NIO's global layout. NIO has entered the markets of 5 European countries and plans to introduce the second brand "ONVO" and the pure electric small car code-named "Firefly". Europe.
In the Middle East market, Chinese car brands see potential for growth. In recent years, Chinese car companies including Changan, Xpeng, Great Wall, Chery and Nezha Automobile have also successively entered the Middle East or North African markets.
China has become the world's largest automobile exporter, and the Middle East and North Africa markets are important strategic markets for NIO. Chinese brand smart electric vehicles are also becoming increasingly popular in the region. According to NIO's plan, it will enter 25 countries and regions by 2025.