Nio and Geely deepen battery-swap commitment through stake sale
Nio is selling 30% of its subsidiary Nio Power to Zhejiang Geely Holding Group. The deal values Nio Power at 1.6 billion yuan ($240 million).
Yulduz Salimov1 min read
Chinese electric-vehicle maker Nio is selling a 30% stake in its battery-swap subsidiary Nio Power to Zhejiang Geely Holding Group. The deal values Nio Power at 1.6 billion yuan ($240 million).
As Nio announced on Monday, September 28, 2026, in filings to the Hong Kong Stock Exchange, Geely Holding will pay 640 million yuan in cash and transfer its wholly owned battery-swap company Yiyi Internet Technology in exchange for a 30% stake in Nio Power.
Geely Holding is controlled by Chinese billionaire Li Shufu.
According to Nio, the deal will open the way for the two companies to jointly develop common battery-swap standards and new models based on the technology.
"The agreement reflects the industry's recognition of Nio's battery-swap technology, its network and operational capabilities," the filing said.
The company added that it expects further expansion of battery-swap technology, continuous improvement of the user experience, faster growth in EV adoption and the unlocking of long-term value in battery swapping.
Source: scmp.com
