Nio, the Chinese electric vehicle (EV) manufacturer, has announced the formation of a joint venture to expand into the Middle East and North Africa (MENA) market, marking a significant step in its global growth strategy. The new venture, Nio MENA, was established in partnership with Abu Dhabi-based CYVN Holdings, and will focus on local production and market entry.
The joint venture was formalized on October 4, during a ceremony attended by the President of the United Arab Emirates and the President of Egypt. William Li, Nio’s founder, chairman, and CEO, hailed the event as a pivotal moment in the company’s globalization efforts, noting that the two leaders had experienced Nio’s ES8, Onvo L60, and an unrevealed new model.
“Nio MENA will introduce models from Nio and its sub-brands, expanding our presence in the MENA region and integrating further into the global smart EV ecosystem,” the company said in a statement. The UAE has been selected as the initial market, with a focus on deploying autonomous driving systems and battery swap technologies.
As part of the initiative, Nio and CYVN plan to establish a research and development center in Abu Dhabi, which will focus on developing autonomous driving and artificial intelligence. The companies also aim to collaborate with local partners in Egypt to advance EV manufacturing in the region. Deliveries in the UAE are expected to begin in the fourth quarter of this year, offering full services to customers across the MENA region.
CYVN has been a major backer of Nio, completing two investments totaling $3.3 billion in 2023, making it the largest shareholder with a 20.1 percent stake in the company. Li noted that Nio and CYVN will work together to develop a new model specifically for the local market.
