Tesla rival Nio has secured a $2.2bn investment from Abu Dhabi-backed CYVN Holdings in a boost for the Chinese electric vehicle maker as Middle East groups and Beijing increasingly join forces in the clean tech transition.
The deal, which follows CYVN’s more than $1bn injection in Nio in July, will give the UAE investment vehicle 20 per cent of the Chinese group’s shares and is intended to ease worries among some analysts over the lossmaking company’s finances.
The strengthening corporate ties between China, the world’s biggest car market, and the Middle East is a growing trend as Beijing steps up its challenge to Washington’s dominance in the region.
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