NIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion
NIO•NIO signed a deal with Geely covering their battery-swapping and charging businesses, valuing NIO Power at about 16 billion yuan ($2.38 billion). Geely will acquire a 30% stake in NIO Power, while NIO will take a 10% stake in Geely’s Haohan Energy.
1. Equity stakes and cooperation
Geely will contribute its full equity in battery-swapping subsidiary Yiyi Power and 640 million yuan ($95 million) in cash for its 30% stake in NIO Power. The companies will co-develop unified battery-swapping standards and vehicle models, and NIO will acquire a 10% stake in Geely’s smart charging subsidiary, Haohan Energy.
2. Network expansion plans
NIO Power aims to have 10,000 battery swap stations operating by 2030, with annual electricity demand expected to exceed 10 billion kWh. Geely plans to expand its network to more than 22,000 charging stations and over 100,000 connectors by the end of 2027.
