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20 Dec 2023

$2.2B

Investment Secured by Tesla Rival Nio from Abu Dhabi Fund

Chinese electric vehicle maker [Nio](https://www.nio.com/) has bolstered its position in the fiercely competitive EV market with a significant [$2.2 billion investment](https://www.ft.com/content/121e662c-a4c6-45eb-82c3-ae348a302971) from an Abu Dhabi state-backed investment firm, CYVN Holdings, acquiring a 20% stake. he move symbolizes a deeper collaboration between Middle East investors and Beijing in the burgeoning clean tech industry, even as Nio faces intense competition and price cuts in the EV sector.