Geely and Nio Finalize Capital-Level Battery Swap Partnership
Geely Holding Group has signed a definitive agreement to acquire a 30% stake in Nio Power, the battery swap subsidiary of Nio Inc. The deal values Nio Power at approximately 16 billion yuan ($2.37 billion) and marks a shift from technical cooperation to capital-level integration. Geely will contribute its commercial battery swap subsidiary, Yiyi Power, and 640 million yuan in cash. In return, Nio China will retain a controlling 63.6% stake. Concurrently, Nio will acquire a 10% stake in Geely’s charging unit, Haohan Energy, to facilitate the purchase of charging assets. The partnership aims to integrate commercial fleet operations and develop unified battery swap standards for consumer vehicles, with Nio Power targeting 10,000 swap stations by 2030.
