On October 4, NIO signed a strategic cooperation agreement with its strategic investor CYVN, announcing the establishment of an advanced technology research and development center in Abu Dhabi, UAE, focusing on intelligent driving and artificial intelligence technology. This initiative aims to further expand NIO's global R&D layout and support technological innovation in the Middle East and North Africa (MENA) region. NIO and CYVN will also collaborate on developing a new vehicle tailored for the local market to better serve the growing demand for intelligent electric vehicles.
At the same time, NIO announced its official entry into the MENA market. Operations will be conducted through a joint venture established with CYVN-NIO MENA Company-to provide services to local users and contribute to the region's sustainable development vision. The UAE will serve as the launch market for NIO MENA Company. NIO plans to roll out its entire product, service, and community ecosystem in the UAE in the fourth quarter of this year.
CYVN Chairman Jassem Mohamed Obaid Bu Ataba Alzaabi stated, "We are excited to support NIO in leading the intelligent electric vehicle market. Both parties will continue to strengthen strategic cooperation to drive transformation in the smart mobility sector." NIO Founder, Chairman, and CEO Li Bin commented, "We are optimistic about the development prospects of intelligent electric vehicles in the MENA market. As an important strategic investor and partner, CYVN has abundant resources in the region, which will facilitate NIO's sustained growth in this area. The collaboration between NIO and CYVN will further advance the company's globalization and technological innovation strategies, accelerating NIO's global expansion and bringing innovative intelligent electric vehicle technology and experiences to users in the MENA region."
Since 2021, NIO has made significant progress in its global business. The company has fully entered five European markets, focusing on product, service, and community. As of the end of September 2024, six production models, including the EL8 (China's ES8), ET7, EL7 (China's ES7), ET5, ET5T, and EL6 (China's ES6), have entered the European market. NIO has established 56 battery swap stations in Europe and connected over 600,000 third-party charging piles, along with eight NIO Centers, ten NIO Spaces, and 45 NIO Service Centers. The signing of the strategic cooperation agreement with CYVN and the establishment of NIO MENA Company mark another important milestone in NIO's global expansion strategy.
