Geely Holding Group and Nio Inc have announced a strategic partnership involving equity investments and business integration. Geely will acquire a 30 percent stake in Nio Power by contributing its subsidiary Yiyi Power and ¥640 million in cash. In return, Nio will take a 10 percent stake in Geely subsidiary Haohan Energy.
The collaboration focuses on battery swapping and charging infrastructure. Nio Power will integrate Yiyi Power's commercial fleet operations. Both companies intend to develop unified battery swap standards and models for the consumer market, with Nio Power providing the necessary services for Geely's future swappable vehicles.
Nio Power aims to operate 10 000 battery swap stations by 2030, projecting an annual electricity demand of over 10 billion kWh. Geely plans to expand its own charging network to include over 22 000 stations and 100 000 connectors by the end of 2027, targeting coverage across all county-level cities in China.
This agreement builds upon a previous partnership signed on November 29, 2023. While the companies have established new equity arrangements, they have not yet disclosed specific timelines for the transactions or the launch schedules for new consumer vehicle models.
