NIO has reached a definitive agreement to sell a 30% stake in its battery swap division, NIO Power, to a subsidiary of Geely Holding. The transaction values the unit at approximately RMB 16 billion, equivalent to $2.4 billion.
The deal involves a non-cash structure where Geely contributes its commercial battery swap business, Yiyi, alongside a cash payment of RMB 640 million, or $94 million. In a reciprocal move, NIO will acquire a 10% stake in Zhejiang Haohan Energy Technology, Geely’s charging arm.
NIO Power operates a network that included 3,790 swap stations as of February. The company aims to add 1,000 additional stations throughout the current year. The infrastructure supports NIO's Battery-as-a-Service model and has reached a daily record of 175,976 swaps.
Geely’s Yiyi division specializes in commercial fleet swapping. The companies have outlined preliminary plans to integrate battery swapping technology into consumer models produced by Geely-affiliated brands, though these details remain subject to finalization.
NIO reported 107,658 vehicle deliveries in the second quarter of 2026, achieving an 18.5% vehicle margin. Despite a GAAP net loss of RMB 528 million, the company held RMB 56.7 billion in cash reserves at the end of June.
