Geely to acquire 30% of competitor Nio's battery swapping unit
Chinese electric vehicle manufacturer NIO has announced a strategic deal with Zhejiang Geely Holding Group's subsidiaries, as reported on September 28. The agreement involves a definitive pact concerning the battery-swapping and charging businesses of both companies.
In this transaction, a Geely subsidiary will contribute 640 million yuan in cash and its battery-swapping business to acquire a stake in NIO Power. NIO Power is NIO's dedicated energy unit, responsible for battery-swapping and charging services. The deal is valued at approximately 16 billion yuan ($2.38 billion) after the completion of the transaction.
This strategic partnership is expected to bolster NIO's position in the growing electric vehicle market and strengthen its energy infrastructure, including battery-swapping and charging facilities.
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