Geely to acquire 30% of competitor Nio's battery swapping unit
Chinese electric vehicle manufacturer NIO has reached a definitive agreement with subsidiaries of Zhejiang Geely Holding Group, outlining a battery-swapping and charging business transaction. In this deal, a Geely-affiliated entity will inject 640 million yuan in cash while contributing its battery-swapping business to acquire a stake in NIO Power, NIO's dedicated unit. The transaction has valued NIO Power at approximately 16 billion yuan, equivalent to $2.38 billion post-money.
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