CHINA'S NIO WILL GET $2.2 BLN INVESTMENT FROM ABU DHABI'S CYVN

Electric vehicle maker Nio (9866.HK) has signed a pact for an investment of $2.2 billion from CYVN Holdings, an investment vehicle based in Abu Dhabi. The investment comes as Nio, with its EV sales and profitability under pressure in a price war started by Tesla (TSLA.O), has sought to boost efficiency by cutting a tenth of the workforce and deferring non-core projects. The deal, expected to close in the final week of December, would take CYVN's shareholding to 20.1% of Nio's total issued and outstanding shares, following an investment of $1 billion in July.

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