Abu Dhabi Invests $740 Million in China's NIO, Gains Board Seat and Global Partnership

Chinese electric vehicle maker Nio will issue new shares to CYVN Holdings, an Abu Dhabi-based firm, raising $738.5 million in capital.
The investment gives CYVN Holdings a 7% stake in Nio and the right to nominate one director to Nio's board of directors.
Nio and CYVN Holdings plan to work together on global business opportunities, especially in markets outside China.
Nio intends to use the new funds to accelerate its growth, including expanding into the United States and developing new battery technologies.
The share issuance is expected to close in early July, pending customary closing conditions.