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Tesla challenger Nio gets $2.2 billion investment from Abu Dhabi's CYVN

today 12/20/2023
Nio, a Chinese electric vehicle (EV) maker, has received a $2.2 billion investment from CYVN Holdings of Abu Dhabi, providing the company with a stronger financial position as it competes in the EV market. This investment follows a previous $1 billion investment from CYVN in July and grants the Abu Dhabi firm a 20% stake in Nio. CYVN will also have the ability to nominate two directors to Nio's board. Nio plans to use the funds to improve its brand, increase sales and service capabilities, and invest in core technologies. Currently, Nio is in 10th place in China's EV market, trailing behind companies like BYD and Tesla. The company has had to reduce prices due to competition, particularly from Tesla, which has been engaging in a price war in China. Nio will benefit from the new investment as it has been stretched thin by various initiatives, such as launching new products, expanding its battery swapping infrastructure, and establishing showrooms across China. Nio has been offering battery swapping for its vehicles since 2019 and claims to be the largest operator of this technology, having performed over 32 million battery swaps at over 2,100 stations.
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