Geely Holding Group and Nio are collaborating to expand battery swapping and charging networks. The companies plan to integrate their resources to speed up the development of these services.
Under the agreement, Geely will transfer full ownership of its battery swapping provider, Yiyi Internet Technology, to Nio Power. Geely is also investing 640 million yuan—approximately $95.3 million—into the unit. Following this transaction, Geely will hold a 30 percent stake in Nio Power, which is valued at roughly 16 billion yuan or $2.4 billion.
Nio will also acquire a 10 percent stake in Geely’s charging service provider, Zhejiang Haohan Energy Technology. Both companies intend to develop unified standards for battery swapping technology. Geely plans to introduce new electric vehicle models compatible with this swapping system.
Nio currently operates 4,099 battery swapping stations and 5,289 charging stations in China. The company aims to reach 10,000 battery swapping stations by 2030. This partnership combines resources to improve operational efficiency and network reach for electric vehicle users.
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