Nio announces strategic agreements with Geely Holding Group for battery swapping
NIO•Nio announced strategic agreements with Geely Holding Group for battery swapping. A Geely subsidiary will subscribe to Nio Power equity for RMB640 million in cash, with a minimum 20% stake subject to post-closing adjustments; the transaction values Nio Power at approximately RMB16 billion post-money.
1. Nio Power investment
A Geely Holding Group subsidiary will subscribe to Nio Power equity for RMB640 million in cash as part of strategic agreements between Nio and Geely for battery swapping. Geely's equity stake in Nio Power is subject to post-closing adjustments and will be at least 20%. The transaction values Nio Power at approximately RMB16 billion post-money.
