Financial terms of the deal were not disclosed.
BYD is one of the biggest electric automobile brands in China, and has surpassed Tesla; it owned 22% of the global plug-in electric vehicle market share in 2023, according to Statista. NIP Group mentioned in its announcement that the partnership will further extend the international reach of BYD’s brand, products, and battery technology. The poster of the partnership also features BYD’s automobile sub-brands Denza, Yangwang, and Fang Cheng Bao. NIP Group confirmed to TEA that the sub-brands will not be featured on the team jerseys at the moment.
In 2023, Chinese esports company eStar Gaming Victory Five (ESV5) completed its merger with Sweden-based esports organization NIP through an equity swap. ESV5 CEO Mario Ho and NIP CEO Hicham Chahine currently serve as NIP Group’s co-CEOs.
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