NIO partners with Geely subsidiary in $2.4 billion battery-swap deal
Chinese EV maker NIO signed definitive agreements with a Geely subsidiary, exchanging cash and a battery-swapping business for a stake in its NIO Power unit.
NIO announced a transaction with a subsidiary of Zhejiang Geely Holding Group that involves a 640 million-yuan cash injection and the transfer of Geely's battery-swapping operation. In return, Geely will acquire an ownership stake in NIO Power, the company's battery-swap and charging division. The deal values NIO Power at roughly 16 billion yuan, equivalent to about $2.38 billion. This partnership combines the two firms' expertise in battery-swap technology. The agreements are now definitive and set to reshape NIO's energy services.
Why it matters
The deal expands NIO's battery-swap network and signals deeper collaboration between two major Chinese EV players.
In this story
