Summary by Futu AI
NIO Inc., a leader in the premium smart electric vehicle market, has announced a technology license agreement with Forseven Limited, a subsidiary of CYVN Holdings L.L.C. The agreement, disclosed on February 26, 2024, grants Forseven a non-exclusive, non-transferrable worldwide license to use NIO's technical information, solutions, software, and intellectual property related to its smart electric vehicle platforms. This license will be used for the development, manufacturing, sales, import, and export of Forseven-branded vehicles, as well as the provision of after-sales services. NIO will receive an upfront license fee and royalties based on Forseven's future sales of the licensed products. The agreement remains valid until the end of production of the licensed products or until Forseven's obligation to provide after-sales services expires, with provisions for termination under certain conditions. NIO Inc. is known for its range of smart electric vehicles and innovations such as battery swapping technologies and its Battery as a Service (BaaS) offering.