Geely invests in Nio to develop EVs compatible with battery-swapping network
Geely Holding Group and Nio announced a comprehensive strategic partnership on 28 September 2026 involving cross-shareholding in energy infrastructure. Geely will acquire a 30% stake in Nio Power in exchange for its complete Yiyi Power equity and 640 million yuan cash injection. Geely will develop new EV models compatible with shared battery-swapping standards supported by Nio's infrastructure.
Geely Holding Group and Nio formalized a comprehensive strategic partnership on 28 September 2026 to integrate their charging and battery-swapping infrastructure operations. Under the agreement, Geely will acquire a 30% stake in Nio Power by transferring complete ownership of its Yiyi Power battery-swapping subsidiary and injecting 640 million yuan in cash. Yiyi Power's commercial vehicle battery-swapping operations will be consolidated into Nio Power's structure.
Nio will reciprocally acquire a 10% stake in Geely's charging subsidiary Haohan Power, enabling full interconnection of charging resources across both companies. The partnership aims to advance battery swapping beyond single-brand exclusivity toward industry-wide standardisation, allowing multiple manufacturers to access shared infrastructure.
Geely will develop new EV models engineered to be compatible with these standardised battery-swapping protocols, while Nio Power provides the supporting service network. The companies target cumulative deployment of 10,000 battery-swapping stations by 2030, requiring annual electricity demand exceeding 10 billion kilowatt-hours.
The cooperation extends to charging infrastructure expansion, with Geely planning to deploy over 22,000 charging stations and 100,000 charging piles by end of 2027, targeting comprehensive coverage across all county-level cities across China.
Editorial takeaway
Geely Holding Group and Nio announced a comprehensive strategic partnership on 28 September 2026 involving cross-shareholding in energy infrastructure. Geely will acquire a 30% stake in Nio Power in exchange for its complete Yiyi Power equity and 640 million yuan cash injection. Geely will develop new EV models compatible with shared battery-swapping standards supported by Nio's infrastructure.
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