Chinese EV automaker NIO has confirmed that a holding firm backed by the Abu Dhabi government is investing close to $740 million dollars in exchange for new Class A shares in the company. As a new minority shareholder, NIO intends to jointly pursue new global business opportunities and accelerate growth in new markets outside of China.
NIO Inc ($NIO) remains one of the leading EV innovators in its native China, and like many of its competitors, has ventured into new markets like Europe to garner a larger piece of the growing global market.
We’ve watched the automaker ship its lineup of EVs to new markets in Germany, Norway, and Denmark, complete with battery swap stations to support its new customers. Additionally, we’ve seen NIO tease plans for a new EV sub-brand coming to Europe.
All the while, the automaker is developing and implementing innovative battery technologies with the help of behemoths in the space like CATL. NIO CEO William Li has spoken quite candidly in the past about the company’s goal of becoming a top-five-selling automaker by 2030, which includes internal plans to enter the US market by 2025.
As NIO looks to expand further into a globally recognize EV brand, it requires financial peace of mind to bolster its balance sheet and ensure it has the funding to support such ambitious growth this decade. With the help of an Abu Dhabi government fund, NIO appears to have found the cash it seeks in exchange for a minority stake of new company shares.
NIO’s new ET5 Touring/ Source: NIO Inc.
NIO issues ordinary shares to Abu Dhabi fund for $740M
NIO shared that it signed a new share subscription with Abu Dhabi investment firm CYVN Holdings today that totals $738.5 million in cash in exchange for 84,695,543 shares of NIO’s Class A ordinary shares at a purchase price of $8.72 each.
CYVN Holdings investment firm majority-owned by the Abu Dhabi government focused on deploying capital “in smart and advanced mobility solutions to create value and accelerate the transition to a more sustainable future.”
Additionally, NIO shared that the Abu Dhabi owned fund is also in the process of a share purchase agreement with an affiliate of Tencent (an existing NIO shareholder of NIO) to purchase and another 40,137,614 shares of NIO’s Class A ordinary shares. If and when approved, Abu Dhabi’s CYVN Holdings will own about 7% of NIO’s total issued and outstanding shares. NIO founder and CEO William Li spoke:
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. In addition, we are excited about the prospect of partnering with CYVN Holdings to expand our international business. With the vision of Blue Sky Coming, we will continue to strive for technological breakthroughs and user experiences beyond expectations, contributing to a more sustainable future for the globe.
For reference, NIO means “a new day,” but its Chinese name, “Weilai,” means Blue Sky Coming, hence what Li is referencing above.
Following the approved closing of the fresh investment, NIO states CYVN Holdings will have the right to nominate a director to its board as long as it continues to beneficially own at least 5% of the company’s outstanding share capital. The Abu Dhabi-backed fund has also agreed not to sell, transfer, or dispose of any NIO shares for at least six months after the closing of the deal.
The pending shares transaction is subject to customary closing conditions and is expected to be completed in early July.
FTC: We use income earning auto affiliate links.More.
MAN Trucks are always good for a headline, but despite the company’s pro-battery bluster they’ve barely managed to get 200 battery electric semi trucks on the road … until now that is: the company announced that series production of its heavy-duty eTruck prime mover is officially underway!
Since then, we’ve talked a bit about MAN’s early BEV customers — but with just 200 trucks on the road, they’ve been few and far between. That’s all set to change now that MAN Executive Board Member for Production Michael Kobriger, together with Manfred Weber, Member of the European Parliament and Chairman of the EPP, gave the go-ahead to start the eTruck production line at the company’s Munich plant.
From now on, both electric and diesel trucks will be produced in a fully integrated mixed production process on the same line, with enough capacity to produce up to 100 eTrucks per day. (!)
Advertisement – scroll for more content
“The start of series production of our electric trucks is historic. It marks a turning point in our history,” explains Vlaskamp, enthusiastically. “The future of MAN begins now, at this very moment. The entire MAN team is proud to be actively shaping the transformation from diesel to electric drive. Our highly efficient electric trucks will make locally emission-free freight transport a reality. This is an enormously important step towards achieving our goal of becoming CO2-neutral by 2050. The fact that we can manufacture the electric trucks on the same production line as our state-of-the-art diesel trucks also gives us enormous flexibility and increases production efficiency.”
MAN says the plant’s maximum capacity is 100 trucks per day, citing about 8 hours to produce one of its heavy-duty semis. The interesting thing, though, is that it doesn’t seem to matter whether those 100 trucks are diesel- or battery-powered.
Flexible assembly
“The production of electric or diesel trucks on a single line can be flexibly adapted to market developments, and the vehicles can be built exactly in the order in which they are ordered by customers. This innovative concept is accompanied by extensive changes along the assembly line as well as in the supply chain and logistics,” says Kobriger, citing that while ICE trucks are initially fitted with axles, tanks and exhaust systems, the electric models are instead fitted with two batteries under the cab together with a “power pack” of electrical components.
All 5,000+ Munich-plant MAN employees have been trained in high-voltage technology in preparation for this “transformation” of the facility. The company says it has 700 of its 740 km (about 450 mile) battery electric trucks already sold, with more sales sure to come as availability ramps up to meet demand.
Electrek’s Take
Historic: eTruck production begins; via MAN.
Betting against Tesla has been bad business for well over a decade now, but with MAN now capable of putting out about as many electric semi trucks in a single day as Tesla has in the last ::checks notes:: eight years since the official launch of the Tesla Semi concept, it’s hard to imagine them catching up — and harder still to see them catching up with Volvo or Renault, each of who have logged tens of millions of electric semi miles in recent years.
That said, Tesla has beaten legacy brands with massive, seemingly insurmountable leads before – but the good news is that, when it comes to EVs, whoever wins, we kind of all win, you know? Even Elon! That’s my take, anyway. Head down to the comments and let me know yours.
BLUETTI portable power stations offer enough capacity to run power tools, appliances, or even serve as a full-home backup during outages. For extended outages, BLUETTI offers modular systems can keep your fridge, lights, or Wi-Fi going for days. And, if you’re traveling light, the new Handsfree line of backpack power stations offer plug-and-play energy on the go — perfect for remote work, camping, or emergencies.
New York City is creating a new department aimed at cracking down on e-bike delivery workers, and critics say it’s the latest move in a growing pattern of targeting micromobility riders instead of the real threats on the road.
Buried inside NYC’s new $116 billion city budget is a plan to hire 45 new unarmed peace officers tasked with enforcing laws against delivery cyclists, particularly those riding e-bikes and mopeds. The new officers will work under the just-announced Department of Sustainable Delivery, a division of the Department of Transportation set to deploy in 2028.
Mayor Eric Adams says the department will help improve street safety and hold delivery app companies accountable for the pressure they put on gig workers. “The newly created Department of Sustainable Delivery is yet another step that we’re taking to support delivery workers, keep pedestrians safe, and hold delivery app companies accountable for placing unrealistic expectations on their workers that put New Yorkers in harm’s way,” Adams explained in a published statement.
But the move is already raising red flags among advocates for delivery workers and cycling safety, who warn that these efforts could lead to increased surveillance and policing of low-income, often immigrant workers, many of whom already operate under grueling conditions just to make ends meet.
Advertisement – scroll for more content
The officers will be trained to issue moving violations and enforce commercial cycling laws, though city officials haven’t clarified exactly how they’ll distinguish between a reckless rider and one simply hustling to meet the often unrealistic delivery windows imposed by apps like Uber Eats, DoorDash, and Grubhub.
While Adams frames the effort as a safety initiative, critics argue it’s another example of micromobility scapegoating. Just last month, he imposed a 15 mph speed limit on e-bikes across the city, in a move that advocates say ignores the realities of urban riding and fails to address the vastly greater danger posed by cars and trucks. The administration also moved to undo a redesign of Bedford Avenue in Brooklyn, rolling back a protected bike lane project that city data showed had improved safety.
Delivery riders in NYC, many of whom are immigrants working long shifts in all weather conditions, overwhelmingly use e-bikes to cover more ground, more quickly. These workers have been essential to the city’s economy, especially during the COVID-19 pandemic. Yet they continue to face increasing scrutiny from law enforcement, often for minor infractions, even as drivers of multi-ton vehicles are rarely held to the same standard.
City Council spokesperson Mara Davis acknowledged the concerns, stating, “There are always concerns about any new policy that could give way to discriminatory policing of delivery workers and immigrants. We remain in discussions with advocates and constructive members of the mayoral administration to advance solutions on e-bike safety, sustainable delivery, and street safety.”
Despite the rhetoric about safety, the data paints a different picture. City statistics show that e-bikes account for less than 4% of traffic-related injuries, and Gothamist pointed out that only six pedestrian fatalities involving e-bike riders were reported between 2021 and 2024. Meanwhile, cars and trucks continue to kill hundreds of New Yorkers every year. But rather than increasing enforcement on reckless drivers or investing more in safe bike infrastructure, the city is spending taxpayer money to police bicycles.
Electrek’s Take
In a city desperately trying to transition to more sustainable forms of transportation, I just don’t think that increasing pressure on the people doing the most riding is the answer. Delivery workers are part of the solution to car dependence, not the problem.
If NYC wants cleaner, safer streets, the focus should be on supporting these riders with safe infrastructure, affordable bikes, and better labor protections – not treating them like traffic scofflaws. Yes, enforcement is important. And yes, dangerous riders should be penalized to the full extent of the law, especially when they pose a real threat to pedestrians. But let’s not pretend like that’s what this about. If we cared about pedestrian safety, we’d be increasing enforcement to prevent the hundreds killed every year by cars in NYC – not the two pedestrians killed by e-bikes.
FTC: We use income earning auto affiliate links.More.
China’s EV leader, BYD, just reached another major breakthrough: its smart parking feature now offers L4 autonomy. To sweeten the deal, BYD says it will fully cover any losses associated with the new feature.
BYD becomes the first to achieve L4 smart parking
BYD said it was coming soon. Earlier this week, BYD posted on Weibo that it’s about to launch “the largest-scale smart driving OTA in history.”
On Wednesday, BYD confirmed that its smart parking system now offers L4 autonomy, becoming the first to achieve the feat. In a statement, the company said, “BYD is the first to achieve L4-level smart parking, and the official promise is to provide a safety guarantee.”
The company is also pledging to cover any losses tied to the feature. Instead of going through their insurance company, drivers can contact BYD’s after-sales team to handle the incident.
Advertisement – scroll for more content
All BYD vehicles equipped with its God’s Eye smart driving system can get the upgrade. Earlier this year, the EV maker upgraded 21 of its best-selling vehicles with its God’s Eye system, at no additional cost.
The breakthrough comes after BYD announced earlier this week that there are now over 1 million vehicles on the road with its God’s Eye smart driving system. With L4 smart parking, the vehicle can operate without human interaction under certain conditions.
And that’s not all. BYD also said it’s pushing new OTA updates for its God’s Eye B and C systems. God’s Eye B will gain new functions, including multiple U-turns, detours, and a three-speed parking feature. Meanwhile, God’s Eye C is set to receive front parking and lane change reminders.
BYD’s smart driving system has three levels: A, B, and C. The A system is primarily reserved for the ultra-luxury Yangwang brand, while B is used for Denza and some premium BYD brand models. The God’s Eye C system is used for lower-cost BYD vehicles, such as the Seagull EV, its top seller in China.
FTC: We use income earning auto affiliate links.More.