Geely is making a major investment in NIO’s battery-swapping business, taking a 30% stake in NIO Power as the two Chinese automakers deepen their cooperation on EV charging and battery swaps.
Under the agreement announced Monday, a Geely Holding subsidiary will contribute its entire ownership of Yiyi Internet Technology, its commercial battery-swapping business, along with RMB640 million (C$135M/US$95M) in cash.
NIO will remain in control after the deal closes, with NIO China owning 63.6% of NIO Power, while existing investor Wuhan Guangchuang will hold the remaining 6.4%. (via Reuters)
Geely’s stake could also change. Its 30% ownership is tied to operational milestones and could fall as low as 20% if the business underperforms. Geely also has an option to invest another RMB640 million, which would increase its stake to 34% and reduce NIO China’s ownership to 60%.
The companies are also tying their charging businesses more closely together. In a separate transaction, NIO China will acquire a 10% stake in Geely’s Haohan Energy charging subsidiary. Some NIO charging assets will then be purchased by Haohan, although financial details of that part of the agreement were not disclosed.
The deal significantly expands a partnership that began with a battery-swap agreement in 2023 before extending to charging-network connectivity the following year.
NIO CEO William Li said the companies also want other automakers to participate.
“The collaboration between NIO and Geely in charging and battery swapping is open to the broader industry. We welcome and look forward to more industry peers joining us,” Li said.
NIO currently operates more than 4,100 battery-swap stations in China and is targeting 10,000 by 2030. Geely, meanwhile, plans to grow its charging network to more than 22,000 stations by the end of 2027.
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