On October 4th, NIO and its strategic investor CYVN signed a strategic cooperation agreement, announcing the establishment of an advanced technology research and development center in Abu Dhabi, United Arab Emirates, focusing on intelligent driving and artificial intelligence technology research and development, further expanding NIO's global research and development layout, and supporting technological innovation in the Middle East and North Africa region. NIO and CYVN will also jointly develop a new model for the local market to better serve the growing demand for intelligent electric vehicles among local users.
Meanwhile, NIO announced that it will officially launch business in the Middle East and North Africa region. The operation of this business will be carried out through the joint venture between NIO and CYVN, NIO Northeast Africa Company, to provide services to local users and help the region achieve its sustainable development vision.
The United Arab Emirates will become the first market for NIO's Middle East and North Africa division, and NIO will expand its business across the entire system in the UAE in the fourth quarter of 2024, focusing on products, services, and communities.
CYVN Chairman Jassem Mohamed Obaid Bu Ataba Alzaabi said, "We are pleased to support NIO in leading the smart electric vehicle market. The two sides will continue to strengthen strategic cooperation and jointly promote the transformation of the smart mobility field
Li Bin, founder, chairman, and CEO of NIO, said, "We are optimistic about the development prospects of intelligent electric vehicles in the Middle East and North Africa markets. As an important strategic investor and partner of NIO, CYVN has abundant resources in the local area, which will help NIO achieve sustained growth in its business in the region. The cooperation between NIO and CYVN will further promote the company's globalization and technological innovation strategy, accelerate NIO's globalization process, and bring innovative intelligent electric vehicle technology and experience to users in the Middle East and North Africa region
Since 2021, NIO's global business has made significant progress. NIO has entered the markets of five European countries through its entire system, focusing on products, services, and communities. As of the end of September 2024, six mass-produced models including EL8 (ES8 for the Chinese market), ET7, EL7 (ES7 for the Chinese market), ET5, ET5T, and EL6 (ES6 for the Chinese market) have entered the European market; NIO has deployed 56 battery swapping stations in Europe, connected over 600000 third-party charging stations, and built 8 NIO centers, 10 NIO spaces, and 45 NIO service centers.
NIO stated that the signing of the strategic cooperation agreement between NIO and CYVN, as well as the establishment of the Middle East and North Africa company, are another important milestone in NIO's global layout. NIO will continue to steadily advance its globalization development strategy, work with partners to support technological innovation in the global intelligent electric vehicle industry, and provide innovative technologies, products, and services to users in more countries and regions.