Abu Dhabi pours $738.5M into China’s Tesla challenger Nio

China’s electric vehicle companies are pouring into the Middle East where both investors and consumers have a growing appetite for the country’s Tesla challengers.
Shanghai-based Nio announced Tuesday that CYVN Holdings, a smart mobility-focused investment vehicle majority owned by the Abu Dhabi government, will invest a total of $738.5 million in the Chinese EV maker.
Nio, which is listed on NYSE, will issue 84,695,543 Class A ordinary shares at $8.72 apiece. In addition, CYVN has entered into an agreement with an affiliate of Tencent, which invested in Nio back in 2017, to purcha

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