Summary by Futu AI
NIO Inc., a leader in the premium smart electric vehicle market, has successfully closed a strategic equity investment deal with CYVN Investments RSC Ltd, an Abu Dhabi-based investment vehicle. The deal, which was finalized on December 27, 2023, saw NIO Inc. receive a substantial investment of US$2.2 billion. This follows an earlier investment in July 2023, where CYVN invested US$738.5 million and purchased shares worth US$350 million from a Tencent Holdings Ltd. affiliate. With the completion of this latest transaction, CYVN now beneficially owns approximately 20.1% of NIO's total issued and outstanding shares. The partnership between NIO and CYVN is set to foster strategic and technological collaborations in international markets. NIO Inc. is known for its innovative approaches in autonomous driving, electric powertrains, and battery technologies, including its proprietary battery swapping service, BaaS, and autonomous driving service, ADaaS. The company's product line includes a range of smart electric vehicles such as the ES8, ES7, ES6, EC7, EC6, ET9, ET7, ET5, and ET5T.