Sun. Apr 14th, 2024



TLDR:

  • Nio has signed a deal to license its technology to Forseven in the Middle East.
  • Chinese companies are leading the transition of the global automotive industry into the EV era.

Nio, a Chinese electric-car builder, has agreed to license its technology to Forseven, a start-up in the Middle East backed by Abu Dhabi government fund CYVN Holdings. Through its subsidiary Nio Technology (Anhui), Nio will allow Forseven to use its technical information, know-how, software, and intellectual property for the research, development, manufacturing, and distribution of vehicles. This deal highlights China’s increasing influence in the global electric vehicle industry and creates a new revenue source for Nio.

According to a filing to the Hong Kong stock exchange, Nio’s subsidiary will receive technology licensing fees comprising an upfront payment and royalties based on Forseven’s future sales. This partnership showcases Chinese companies’ leadership in the EV era and their contribution to the global automotive industry’s evolution.