NIO Entered Into Technology License Agreement with CYVN Holdings Subsidiary Forseven Limited, Financial Terms Undisclosed
Portfolio Pulse from Benzinga Newsdesk
NIO Inc. has entered into a technology license agreement with Forseven Limited, a subsidiary of CYVN Holdings, to grant a non-exclusive, non-transferrable worldwide license for the use of its smart electric vehicle technologies. The agreement covers the research, development, manufacturing, sales, import, and export of Forseven-branded vehicle models and the provision of after-sales services.
February 26, 2024 | 10:05 am
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NIO Inc. has signed a technology license agreement with Forseven Limited, allowing the use of NIO's smart electric vehicle technologies for Forseven-branded vehicles.
This partnership could potentially open new revenue streams for NIO through licensing fees and strengthen its position in the smart electric vehicle market. The non-exclusive nature of the agreement suggests NIO can form similar agreements with other companies, further expanding its market influence. However, the financial terms were not disclosed, adding a layer of uncertainty regarding the immediate financial impact.
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