Geely and Nio Finalize Capital-Level Battery Swap Partnership

Key points

• Geely Holding Group will acquire a 30% stake in Nio Power by contributing its battery swap subsidiary, Yiyi Power, and 640 million yuan in cash.
• The transaction implies a post-money valuation of approximately 16 billion yuan ($2.37 billion) for Nio Power.
• Nio China will retain a controlling 63.6% stake in Nio Power, while existing investor Wuhan Guangchuang will hold 6.4%.
• Geely’s final stake is tied to operational milestones and may be reduced if performance falls short, but will not drop below 20%.
• Nio China will acquire a 10% stake in Geely’s Zhejiang Haohan Energy Technology Co Ltd to facilitate the purchase of charging assets.
• The partnership includes preliminary plans to jointly develop unified battery swap technologies and standards for consumer models.

Background

This deal follows a series of strategic agreements between Nio and Geely, including a battery swap partnership in November 2023 and charging network connectivity in March 2024. Nio Power previously received a 1.5 billion yuan investment from the Wuhan Guangchuang fund in May 2024. A planned investment of up to 2.5 billion yuan from CATL in March 2025 did not materialize. The partnership builds on earlier cooperation in technology and infrastructure, with the new deal marking a significant step toward business integration.

How outlets are covering it

CnEVPost reports that the deal will bring Geely’s battery swap business for commercial fleets into Nio Power, advancing the partnership from technical standards and network sharing to business integration. The outlet emphasizes that Nio Power aims to operate 10,000 swap stations by 2030. eletric-vehicles.com highlights that the deal was rumored days before the announcement, with Geely communications official Kevin Chen calling Nio 'a friend' and promising 'more to come.' The outlet notes that while the two companies have cooperated on charging and battery swapping, no Geely-group car had launched a production swappable model by December 2025. CnEVPost and eletric-vehicles.com agree on the core terms of the deal but differ in emphasis, with CnEVPost focusing on the financial and operational details, while eletric-vehicles.com focuses on the lead-up to the announcement and the broader context of the partnership.

Why it matters

The deal represents a significant step in the integration of battery swap and charging infrastructure in China, with implications for the EV industry’s transition to more sustainable and efficient energy solutions. The partnership between Nio and Geely could accelerate the expansion of battery swap networks and improve operating efficiency, potentially influencing the competitive landscape among EV manufacturers. The deal also highlights the growing importance of strategic partnerships in the EV industry, as companies seek to leverage each other’s strengths to achieve common goals.

What to watch

The transaction is subject to regulatory approvals and other closing conditions. Geely’s final stake in Nio Power is tied to operational milestones and may be reduced if performance falls short. The companies plan to fully connect their charging infrastructure and expand coverage, with Nio Power aiming to operate 10,000 swap stations by 2030. Geely plans to build more than 22,000 charging stations with over 100,000 charging connectors by the end of 2027. The partnership also includes preliminary plans to jointly develop unified battery swap technologies and standards for consumer models, with finalization and implementation subject to further discussions.