UPDATE 1-Chinese EV maker Nio announces tech licensing deal with Forseven
(Adds agreement details in paragraphs 2-3, context in paragraph 4)
BEIJING, Feb 26 (Reuters) - Chinese electric vehicle maker Nio Inc's subsidiary NIO Technology (Anhui) Co has entered into a technology licensing deal with Forseven Ltd, a unit of Abu Dhabi-based CYVN Holdings, Nio said in a Hong Kong stock exchange filing on Monday.
The agreement will give electric car startup Forseven a global license to use Nio's technical information and software for the research and development, manufacturing, and distribution of its vehicles, the filing said.
The Nio subsidiary will receive technology licence fees based on the future sales of licensed products by Forseven, the filing added.
The agreement follows a deal struck by Nio's rival Xpeng last year under which the Chinese company will receive technology service revenue from Volkswagen from 2024 onwards, overturning a four-decade-old model of foreign automakers charging their Chinese partners for technology licensing. (Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Jan Harvey)
