NIO, Geely Forge Battery-Swapping Alliance in China’s EV Charging Race

NIO sold a 30% stake in NIO Power to Geely for $2.38bn. Geely will pay with shares and cash. NIO retains 63.6% control. Geely has an option to invest more. Both companies plan to expand battery swapping tech. Deal subject to approvals.

NIO and Geely formed a partnership to collaborate on EV charging and battery swap technology. Geely will invest in NIO Power, while NIO will acquire a stake in Geely's Haohan Energy. Both companies will share resources and expand their networks. Geely operates 2,500 charging stations, and NIO has 9,433 facilities. Both plan significant expansions by 2027 and 2030, respectively.

Nio and Geely will operate two separate battery swap networks post-deal: one for private cars, one for commercial vehicles like Cao Cao Mobility and robotaxis. Geely will take 30% of Nio Power, valued at $2.4B, in exchange for Yiyi and $95.3M. Nio shares rose 2.22% premarket. The deal needs regulatory approval.

Nio and Geely have deepened their partnership by integrating their charging and battery-swapping operations. Geely will invest 640 million yuan for a 30% stake in Nio Power, while Nio acquires a 10% stake in Geely's Haohan Energy. They will interconnect their charging networks and jointly develop swappable battery technologies. Nio aims to have 10,000 swap stations by 2030, and Geely plans to expand its charging infrastructure to 22,000 stations by 2027.

Nio has sold a 30% stake in its battery swap subsidiary, Nio Power, to Geely Holding for $2.4B. Geely paid $95M in cash and contributed its Yiyi Internet Technology unit. The deal aims to develop unified battery swapping standards and models, according to Nio's Hong Kong stock exchange filing.

NIO Group and Geely Holding have agreed to a strategic transaction involving their energy businesses. Geely will inject its battery swapping asset, Yiyi Internet, into NIO Energy in exchange for a 30% stake, valued at 16 billion yuan. NIO will take a 10% stake in Geely's charging business, Haohan Energy. The deal includes performance-linked conditions and an option for Geely to increase its stake. NIO's Hong Kong stock rose 3.21% on the news.