Geely Holding Group has acquired a 30% stake in NIO Power, the battery-swapping division of NIO. The deal involves Geely transferring its 100% equity interest in its subsidiary Yiyi Power to NIO Power, alongside a cash investment of RMB 640 million.
Following the transaction, Yiyi Power's commercial mobility battery-swapping operations will be integrated into NIO Power. The companies plan to jointly develop unified battery-swapping technologies and standards for consumer vehicle models, with Geely developing compatible cars.
NIO is also expanding its presence in the charging sector by acquiring a 10% stake in Haohan Energy, a subsidiary of Geely Holding Group. Both companies intend to connect their charging infrastructure to improve network coverage and operational efficiency.
The strategic partnership covers technology, operations, and capital. The companies aim to build a shared service network and promote an open ecosystem for charging and battery-swapping infrastructure within the Chinese automotive industry.
