Nio Sells 30% Stake in Battery Swapping Arm to Geely
Nio is selling 30% of its battery swapping business, Nio Power, to Geely Holding, which will build cars that use Nio’s stations. The deal values the unit at 16 billion yuan ($2.4 billion).
Details of the Deal
- Geely Holding will contribute its entire battery swapping unit, Yiyi Power, and 640 million yuan in cash.
- Nio will receive a 10% stake in Haohan Energy, Geely Holding’s charging business.
- Yiyi Power’s battery swapping for commercial fleets will integrate with Nio Power post-acquisition.
- Both companies will collaborate to develop unified swapping technology and standards for consumer cars.
Quote
“The collaboration between NIO and Geely in charging and battery swapping is open to the broader industry,” said Nio founder and CEO William Li.
Andy An Conghui, CEO of Geely Holding, added, "Recharging networks are public infrastructure that serve society as a whole."
Background
Nio has invested heavily in charging and swapping infrastructure, spending over 20 billion yuan on it. It currently operates 4,126 swap stations and 5,307 charging stations across China, having completed over 125 million battery swaps.
Haohan Energy has 2,500 charging stations in 232 Chinese cities. Geely, meanwhile, aims to install over 22,000 charging stations by the end of 2027.