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Home › Middle East Market ›Abu Dhabi’s CYVN Holdings to Outlay USD 740 Million in Chinese EV Manufacturer Nio for Innovations in E mobility

Abu Dhabi’s CYVN Holdings to Outlay USD 740 Million in Chinese EV Manufacturer Nio for Innovations in E mobility

Beijing is willing to stimulate the EV sector as the Chinese Ministry of Finance that car purchasers will continue to be exempt from a purchase tax in 2024 and 2025.

June 21, 2023. By EI News Network

Chinese EV developer Nio will receive USD 740 million in fresh capital investment from an Abu Dhabi government-supported company CYVN Holdings.

William Li, Co-Founder and Chief Executive of Nio, “will further strengthen our balance sheet to power our continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness”.

CYVN, which deals in strategic investment in smart mobility, will also purchase over 40 million shares which are presently owned by an affiliate of Chinese technology firm Tencent.

Beijing is willing to stimulate the EV sector as the Chinese Ministry of Finance that car purchasers will continue to be exempt from a purchase tax in 2024 and 2025.

The central government of China had earlier stipulated that the 10 percent purchase tax exemption would be effective only until the end of this year.

China’s Ministry of Finance stated that the exemption effective from January 1, 2024, would have a cap of around USD 4,170 per vehicle.

Nio Inc. is a Chinese multinational automobile producer based in Shanghai, specifically in designing and developing electric vehicles.

CYVN Holdings is an investment vehicle firm owned by the Abu Dhabi Government that uses capital in smart and advanced mobility solutions to generate value and accelerate the transition toward a sustainable future.

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Technological innovations

Sustainable future

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