Chinese EV maker NIO licenses technology to Abu Dhabi's CYVN Holdings unit
The agreement provides NIO Technology with a non-refundable upfront payment and royalties on Forseven's future licensed product sales.
NIO Technology, a unit of Chinese electric vehicle (EV) manufacturer NIO Inc, has signed a technology licensing agreement with Forseven Ltd, a subsidiary of Abu Dhabi-backed CYVN Holdings, granting the latter a worldwide licence to use the former's proprietary technology.
The agreement provides with a non-refundable upfront payment and royalties on Forseven's future licensed product sales.
With this license, UK-based EV startup Forseven can use certain NIO Technology's technical information, solutions, software, and intellectual property rights related to its smart EV platforms for research and development, manufacturing, sales, import and export of vehicle models sold or marketed under Forseven brands, according to Zawya.
The news of the partnership comes days after the announcement of Chinese EV company XPENG's expansion into the Middle East. The partnership will enable XPENG to sell its smart EVs in the UAE by the third quarter of 2024. It will start with the launch of the G6 SUV and G9 SUV models.
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The Volkswagen-backed company will also be targeting other markets such as Egypt, Jordan, Lebanon, and Azerbaijan. After the UAE, Guangzhou-based XPENG aims to enter Azerbaijan and Egypt, with plans for further expansion this year.
The company plans to invest 3.5 billion yuan ($486.36 million) in researching and developing AI for intelligent driving, according to a Reuters report.
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Edited by Suman Singh