Chinese EV maker NIO inks battery-swopping deal with Geely, open to other peers joining
Under the deal, Geely Holding Group will acquire a 30% stake in NIO Power.
Chinese electric vehicle manufacturer NIO has entered into an agreement with Zhejiang Geely Holding Group to collaborate on their battery-swapping and charging businesses. The partnership aims to expand and improve their charging networks. Geely will acquire a 30% stake in NIO Power, NIO's battery-swapping and charging unit, in exchange for contributing its 100% equity in its battery-swapping subsidiary Yiyi Power, along with 640 million yuan (S$121 million) in cash. This transaction values NIO Power at approximately 16 billion yuan.
NIO Power intends to establish 10,000 battery-swapping stations by 2030, with expected annual electricity demand surpassing 10 billion kWh. Geely plans to expand its charging network to over 22,000 stations by the end of 2027. NIO and Geely are also set to co-develop unified swapping standards and vehicle models. NIO CEO William Li stated that the collaboration is open to other industry peers, who are welcomed to join the partnership.
Shares in NIO rose 3.2% following the announcement, recovering from declines in the previous sessions.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
