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NIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion
Geely will invest 640 million yuan and contribute its swapping unit as the companies seek shared standards and broader deployment.
- On Monday, NIO and Geely Holding Group announced a strategic partnership to integrate their charging and battery-swapping infrastructure, aiming to move toward industry-wide standardization in China.
- Valued at about 16 billion yuan , the cross-shareholding agreement gives Geely Holding Group a 30% stake in NIO Power, while NIO secures a 10% interest in Geely's charging subsidiary, Haohan Power.
- Geely will contribute its commercial battery-swapping subsidiary, Yiyi Power, plus 640 million yuan in cash to NIO Power. Yiyi Power operates approximately 470 swapping stations, primarily serving commercial fleets.
- Post-Transaction, NIO Holdings will maintain a controlling 63.6% equity interest in NIO Power. Geely Holding Group will hold 30%, with existing investor Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership retaining 6.4%.
- Both companies have "preliminary plans" to develop new vehicle models compatible with shared swapping standards. Geely aims to deploy over 22,000 charging stations by the end of 2027 across China.
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Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
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50% Center
L 17%
C 50%
R 33%
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