Emirati and Chinese companies signed two electric vehicle-related agreements in the past week, signaling once again the importance of the United Arab Emirates in China’s ambitions in the sector.
Chinese electric vehicle maker Nio Inc. announced on Monday that its subsidiary, Nio Technology, entered into a technology licensing agreement with Forseven Limited, an electric vehicle subsidiary of the Abu Dhabi-based CYVN Holdings. Per the agreement, Forseven will be able to use Nio’s software, intellectual property and other information for the development, manufacturing and sale of Forseven vehicles, Nio said in a statement.
On Thursday, Chinese electric vehicle company Xpeng said it established a strategic partnership with Abu Dhabi-based holding company Ali & Sons. The move comes as Xpeng seeks to boost its overseas production via local dealer partnerships in Egypt, Jordan, Lebanon and Azerbaijan, Reuters reported.
Why it matters: The two agreements build on previous cooperation between the UAE and China on electric vehicles, including between CYVN and Nio. The following is a list of some recent electric vehicle deals between entities in both countries:
