Chinese EV maker NIO has signed a share subscription agreement with CYVN Holdings, an Abu Dhabi government majority-owned investment firm, which will invest a total of about $738.5 million through additional new shares and transfer of existing subscriptions.

CYVN Holdings is an investment vehicle that strategically focusses on advanced and smart mobility, and is said to be committed to partner with global companies in this regard.

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Chairman and CEO of NIO, William Bin Li said: "The strategic investments from CYVN Holdings demonstrate NIO's unique values in the smart electric vehicle industry.

"The Investment Transaction will further strengthen our balance sheet to power our continuous endeavors in accelerating business growth, driving technological innovations and building long-term competitiveness."

Jassem Al Zaabi, Chairman and MD of CYVN Holdings stated: "Our strategic investments in NIO are driven by our appreciation of its leading brand, innovative and premium products, and proven technological capabilities in the smart electric vehicle market.

"We are excited to develop strategic partnerships with NIO, and are fully committed to providing strategic value that will support NIO's international business growth."

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