NIO inks battery-swapping deal with Geely, values energy unit at US$2.4bil
BEIJING: Chinese electric vehicle maker NIO said on Monday it had signed a broad deal with Zhejiang Geely Holding Group on their battery-swapping and charging businesses.
Chinese electric vehicle manufacturer NIO has announced a significant deal with Zhejiang Geely Holding Group, valuing NIO Power at US$2.38 billion. As part of this agreement, Geely will acquire a 30% stake in NIO Power, contributing its entire ownership in the subsidiary Yiyi Power, along with cash payment of 640 million yuan (US$95 million).
NIO will, in turn, take a 10% equity position in Geely's smart charging subsidiary, Haohan Energy. The collaboration aims to co-develop standardized swapping systems and vehicle models. NIO Power plans to establish 10,000 battery swap stations by 2030, with annual electricity demand forecasted to surpass 10 billion kWh. Geely intends to grow its charging station network to over 22,000 by the end of 2027, boasting more than 100,000 connectors.
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Also reported by 2 other outlets
- NIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion channelnewsasia.com
- Geely to acquire 30% of competitor Nio's battery swapping unit asia.nikkei.com
