- Nio has confirmed for the first time that the company works with McLaren and has received technical service revenue from the automaker.
- Nio and McLaren began collaborating in the first quarter, with more cooperation occurring in the second quarter.
Nio Inc (NYSE: NIO) confirmed for the first time its collaboration with McLaren and the tech service revenue generated from the automaker.
The company currently maintains a deep technical partnership with McLaren, with the majority of its technical service revenue originating from this collaboration, said William Li, Nio's founder, chairman, and CEO, on September 3.
Nio released its second-quarter earnings report on September 2 and mentioned during the earnings call that external technical service revenue contributed to a certain gross margin.
On September 3, Li held a small-scale briefing with select media at the company's Shanghai headquarters, according to a report by 21jingji today.
"If you look at the news, you'll see that our major shareholder, Abu Dhabi's CYVN Holdings, has acquired McLaren," Li said.
Nio and McLaren began collaborating in the first quarter, with increased cooperation in the second quarter, Li said.
However, this revenue is not stable, fluctuating between higher and lower levels, he added.
Li did not provide further details on the partnership.
Nio's earnings report shows that other sales revenue for the second quarter reached RMB 2.87 billion ($401 million), representing a 62.6 percent increase compared to the second quarter of 2024 and a 37.1 percent rise from the first quarter of 2025.
The company attributed this growth primarily to increased revenue from used car sales, increase in revenues from technical research and development services, and growth in sales of parts, accessories, and after-sales services driven by its expanding user base.
CYVN completed two investments totaling $3.3 billion in Nio in 2023, becoming the Chinese EV maker's largest shareholder with about 20.1 percent ownership.
In February 2024, Nio signed a technology licensing agreement with CYVN-backed Forseven Limited, authorizing the latter to use its EV platform and technologies. Forseven is a UK-based electric vehicle startup bankrolled by CYVN.
In October 2024, Bahrain's sovereign wealth fund Mumtalakat Holding Company announced a non-binding agreement with CYVN to explore potential partnerships.
The potential partnership would enable CYVN Holdings to acquire full ownership of McLaren's automotive business in addition to a non-controlling stake in McLaren Group, according to a statement at the time.
In April this year, CYVN completed its acquisition of McLaren's automotive business and part of its motorsport operations, becoming a significant shareholder in McLaren.
Chinese tech media outlet Yiou reported in June that Nio would develop and supply power batteries for McLaren's hybrid models.
The battery pack will be based on Nio's in-house developed 4680 large cylindrical battery cells, with small-scale production expected next year, the report stated.
