Nio has inked a technology license agreement with Forseven Limited, a subsidiary of CYVN Holdings L.L.C., aimed at leveraging Nio’s smart electric vehicle platforms for Forseven’s upcoming vehicle models.
The agreement grants Forseven a non-exclusive and non-transferable worldwide license to utilize Nio’s existing and future technical information, solutions, software, and intellectual property rights related to its smart electric vehicle platforms.
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This agreement enables Forseven to develop, manufacture, sell, import, and export vehicle models under the Forseven brand, with certain pre-agreed manufacturer’s suggested retail price (MSRP) thresholds.
In return for access to Nio’s technologies, Forseven will pay technology license fees comprising an upfront fixed fee and royalties based on the future sales of the licensed products. The agreement is set to remain valid until the end of production of the licensed products or the completion of Forseven’s obligation to provide after-sales services, unless terminated earlier in accordance with the agreement’s provisions.
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Nio retains the right to terminate the agreement under specific conditions, including if a company that owns and sells vehicles under one or more automotive brands gains control of Forseven.
