NIO sells 30% stake in battery unit to Geely subsidiary
SHANGHAI - NIO Inc. recently reached final agreements with subsidiaries of Zhejiang Geely Holding Group to sell a 30% stake in its battery swapping and charging business, NIO Power. The deal involves a Geely subsidiary acquiring 30.0% equity in NIO Power, along with 100% of Yiyi Internet Technology, which provides battery swapping services.
Additionally, NIO will pay RMB640 million in cash. Post-completion, NIO will hold a 63.6% stake, while Wuhan Guangchuang Venture Capital Fund will own 6.4%. The Geely entity's stake may be reduced to a minimum of 20% if NIO Power underperforms. NIO China has also agreed to purchase a 10% stake in Zhejiang Haohan Energy Technology, a Geely subsidiary, to acquire charging assets. The transactions are pending regulatory approvals and pending closing conditions.
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