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 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.
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But it looks like the design refresh is still a transitional in Tesla’s production as the automaker is still taking orders for the previous version:
For the launch in North America and Europe, Tesla has only added a new “trim” on the Model Y online configurator for a ‘Launch Series New Model Y’, which is the version unveiled in China earlier this month.
But in China, only this new version has been available for sale since the last two weeks.
Tesla estimates that the new version will have 320 miles of EPA range. Compared to 311 miles for the previous Model Y Long Range AWD, the only version of the new Model Y Launch Series available.
Here are all the other changes with the new Model Y compared to the previous version:
Feature
Model Y
New Model Y
Starting Price After Est. Savings
$31,490 Available Now
$46,490 Available Starting March
Trims
Long Range RWD Long Range AWD Performance AWD
Launch Series Long Range AWD
Range
277-337 miles (EPA est.)
303-320 miles (est.)
Seating
First row: power recline and heated Second row: manual fold and heated
First row: power recline, heated and ventilated Second row: power two-way folding and heated
8 exterior cameras (includes a new front-facing camera)
Audio
Long Range RWD: 7 speakers Long Range AWD: 13 speakers, 1 subwoofer Performance AWD: 13 speakers, 1 subwoofer
Launch Series Long Range AWD: 15 speakers, 1 subwoofer
Connectivity
First-generation hardware
Second-generation hardware
Trunk
Power open
Hands-free power open on approach
Interior
Footwell and door pocket ambient lighting Wooden detailing with black interior
Footwell and door pocket ambient lighting Wrap-around ambient lighting Aluminum detailing and premium textiles
Climate
Tinted and laminated safety glass Power-actuated first-row air vents Manual second-row air vents
Tinted and laminated safety glass with metallic infrared reflective coating Power-actuated first- and second-row air vents
For the Launch Series, Tesla is pricing the new Model Y Long Range AWD at $59,999 USD. That’s $12,000 more than the previous Model Y Long Range AWD, which is still available to order.
Specifically for the Launch Series, buyers get a bunch of special badging around the car:
But they also get things called “Premium Textil Trim” and “Vegan Suede for Black Interior”:
Currently, Tesla is only offering the new Model Y in Stealth Grey, Pearl White Multi-Coat, Ultra Red, and Quicksilver, but they are all included in the Launch Series price.
Tesla is talking about the first deliveries of this new version of the Model Y coming in March in North America.
Electrek’s Take
This came sooner than expected, as most expected the launch to be closer to March based on how Tesla launched the Model 3 refresh last year.
But this is also different since Tesla continues to take orders for the previous version.
Tesla was likely worried about the Osborne effect and this strategy of starting with this more expensive version of the Model Y, the Launch Series, is going to help sales of the much cheaper previous version.
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Rivian (RIVN) plans to launch a new Advanced Driver Assistance System (ADAS) this year to enable hands-free driving. The new feature is expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will up the ante with an “eyes-free” system.
Rivian plans hands-free driving in 2025, eyes-free in 2026
At the new Rivian Space opening in San Francisco on Thursday, CEO RJ Scaringe revealed a few exciting developments to look forward to.
According to the folks at RivianForums, Scaringe said during the event that the company plans to launch a hands-free ADAS feature in 2025. Next year, Rivian will follow it up with an “eyes-free” system.
The big question is, will current Rivian R1S and R1T owners gain access? It could depend on whether you drive a Gen 1 or Gen 2 model. All Rivian models built through 2024 are considered Gen 1, while models 2025 and newer are Gen 2.
Rivian introduced the second-generation R1S and R1T last summer. They were “completely reengineered” with hundreds of hardware improvements, fully redesigned software, and more.
The upgrades include its new in-house autonomy system, Rivian Autonomy Platform. It’s powered by 11 cameras, five radars, and predictive AI.
Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)
Rivian said the new platform is “10 times more powerful” than the old system. It also features 360-degree visibility with 8X the number of camera pixels than the previous models. Gen 2 models already include features like Blind Spot Monitoring and Highway Assist.
With the premium version, drivers gain access to Lane Change, while Rivian said Enhanced Highway Assist and other features were coming soon.
Rivian R2 electric SUV (Source: Rivian)
Although all Rivian R1S and R1T EVs include OTA updates, some features may require additional hardware or software not included on Gen 1 models.
Rivian hands-free and attention-free autonomous highway driving will be available on the upcoming R2 model. The smaller electric SUV is due out in the first half of 2026, starting at around $45,000.
Electrek’s Take
As a Tesla Model 3 driver, I can tell you that Full-Self Driving (FSD) is fun and can be helpful at times. I’ve used it on longer trips, like through the Blue Ridge Mountains, and it makes driving or sitting in the car a little more enjoyable.
Although the system still requires you to pay attention, it enables the vehicle to drive itself almost anywhere with “minimal driver intervention.”
The new Actually Smart Summon feature is one of my favorites. Through the Tesla app, you can summon your vehicle to come to you in a parking lot. The vehicle will then move around other cars, people, and objects to find you.
Other functions, like Navigate on Autopilot, will take over while the vehicle is on the highway, changing lanes (with turn signals) and braking or accelerating as needed.
For Rivian owners, it would be like an upgraded system from Highway and Lane Change Assist. The “eyes-free” system coming next year will likely have a few regulatory hurdles to pass before it rolls out, so it should be interesting to see what that will consist of. Check back for more info soon. We’ll keep you updated with the latest.
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The United Arab Emirates is building the world’s largest solar and battery storage project that will dispatch clean energy 24/7.
Emirati Renewable energy company Masdar (Abu Dhabi Future Energy Company) and Emirates Water and Electricity Company (EWEC) are developing the trailblazing solar and battery storage project. Once it’s online, will become the largest combined solar and battery energy storage system (BESS) in the world.
Located in Abu Dhabi, the project will feature a 5.2 GW solar PV plant coupled with a 19 gigawatt-hour (GWh) BESS.
His Excellency Dr. Sultan Al Jaber, minister of industry and advanced technology and chairman of Masdar, said:
For decades, the biggest barrier facing renewable energy has been intermittency – to be able to source uninterrupted clean power day and night.
In collaboration with EWEC and our partners, we will develop a renewable energy facility capable of providing clean energy round the clock.
For the first time ever, this will transform renewable energy into a world-leading 1 GW of reliable baseload energy every day on an unprecedented scale – a first step that could become a giant leap for the world.
Masdar announced China’s JA Solar and Jinko Solar, two of the world’s largest solar panel suppliers, and Chinese battery and BESS giant CATL as preferred suppliers. JA Solar and Jinko Solar will supply 2.6 GW of solar panels each. India’s Larsen & Toubro and POWERCHINA have been selected as preferred engineering, procurement, and construction contractors.
Masdar says the project will create 10,000 jobs and doesn’t yet indicate a projected completion date.
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