NIO inks battery-swapping deal with Geely, open to other peers joining
NIO•NIO signed a deal with Geely to develop battery-swapping standards and compatible vehicle models. Geely will acquire a 30% stake in NIO Power using its battery-swapping subsidiary and 640 million yuan in cash, valuing the unit at about 16 billion yuan.
1. NIO Power investment
Geely Holding will acquire a 30% stake in NIO Power, NIO’s battery-swapping and charging unit. Geely will contribute its full equity in battery-swapping subsidiary Yiyi Power and 640 million yuan ($95 million) in cash; NIO said the transaction values NIO Power at about 16 billion yuan ($2.38 billion). NIO will also acquire a 10% stake in Geely’s smart charging subsidiary, Haohan Energy.
2. Shared network plans
The companies will co-develop unified battery-swapping standards and compatible vehicle models, and said other industry peers are welcome to join. NIO aims to have 10,000 swap stations operating by 2030, with annual electricity demand expected to exceed 10 billion kWh; Geely plans more than 22,000 charging stations by the end of 2027. NIO shares rose 3.2% following the announcement.
