NIO has entered into definitive agreements with subsidiaries of Zhejiang Geely Holding Group covering their battery swapping and charging businesses. Under the transaction, a Geely Holding subsidiary will acquire a 30% stake in NIO Power, NIO’s battery swapping and charging business. The transaction values NIO Power at a post-money valuation of approximately RMB 16 billion, equivalent to about $2.38 billion. The transaction remains subject to regulatory clearances and other customary closing conditions.
As part of the agreement, the Geely Holding subsidiary will contribute its 100% equity interest in Yiyi Internet Technology (Chongqing), which provides battery swapping services for the commercial mobility market, along with RMB 640 million in cash. In return, it will subscribe for newly issued equity in NIO Power. After completion, the Geely subsidiary will hold 30% of NIO Power, while NIO China will retain a controlling 63.6% stake. An existing investor will hold the remaining 6.4%.
The agreement also provides for adjustments to Geely’s stake based on certain operational milestones after the transaction closes. If the specified business performance falls short, Geely’s stake may be reduced, but not below 20%. Geely has also received an option to make an additional RMB 640 million cash investment within the earlier of two years after closing or the date NIO Power enters into binding agreements for a new financing round. Without considering post-closing adjustments, this additional investment would increase Geely’s stake to 34% and reduce NIO China’s controlling interest to 60%.
Alongside the NIO Power transaction, NIO China has agreed to subscribe for newly issued equity in Zhejiang Haohan Energy Technology, a Geely Holding subsidiary operating in the battery charging business. The cash consideration will be used by Haohan Energy to purchase certain charging assets from NIO. Following completion, NIO China will hold a 10% stake in Haohan Energy. This transaction is also subject to regulatory clearances and customary closing conditions.
NIO and Geely have also made preliminary plans to adopt battery swapping technology and provide related services for consumer-facing vehicle models and commercial mobility businesses operated by Geely Holding’s related entities. NIO said the finalisation and implementation of these plans are subject to further discussions between the relevant parties. NIO Power is targeting 10,000 battery-swapping stations by 2030, with annual electricity demand across the network expected to exceed 10 billion kWh by then.
The companies also plan to strengthen cooperation between their charging and battery-swapping infrastructure. Geely is targeting more than 22,000 charging stations and over 100,000 charging connectors by the end of 2027. NIO said the broader collaboration is aimed at promoting battery-swapping adoption, improving user experience and supporting the growth of electric vehicle adoption. The announced transactions and related initiatives remain subject to the applicable approvals, closing conditions and further discussions where specified.
