NIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion

Chinese electric vehicle manufacturer NIO has finalized agreements with subsidiaries of Geely Holding Group, valuing its battery-swapping and charging business at $2.38 billion. As part of the deal, a Geely subsidiary will invest 640 million yuan in cash and transfer its battery-swapping business to acquire a stake in NIO Power, NIO's energy unit. The transaction is expected to give NIO Power a post-money valuation of approximately 16 billion yuan.

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