NIO Holds Hands with Geely in Expanding Battery-Swap Network

Geely Holding will acquire a 30 percent stake in NIO Power by injecting its entire equity interest in battery-swap subsidiary Yiyi Power and 640 million yuan (US$82 million) in cash.

The deal values NIO Power at about 16 billion yuan and sets the stage for a major expansion of swap infrastructure.

NIO is buying a 10 percent stake in Geely's smart-charging arm Haohan Energy.

Geely's Yiyi Power manages 446 battery swap stations, which have successfully completed 38.6 million battery swaps. Additionally, its fleet of 37,000 Cao Cao ride-hailing vehicles swaps batteries about ten times more frequently than private cars.

Under the deal terms, Geely's stake can be adjusted down to 20 percent if operating milestones are not met or up to 34 percent with an additional 640 million yuan investment within two years.

NIO Power aims to have 10,000 battery-swap stations in operation by 2030, while Geely plans to expand its network to more than 22,000 charging stations by the end of 2027.