Full Breakdown
Nio and Geely Deepen Ties with Major Battery-Swap Stake Deal
By Drooid · · How we work
Strategic Partnership Overview
On September 28, Zhejiang Geely Holding Group and NIO announced a definitive agreement giving a Geely subsidiary a 30 % stake in Nio Power (the battery-swap and charging arm, also called NIO Energy). The transaction values Nio Power at roughly 16 billion yuan (about US $2.4 billion). Geely will transfer 100 % of Yiyi Interconnection Technology (Chongqing) Co., Ltd. (operator of Yiyi Power’s commercial-fleet swap network) and pay 640 million yuan in cash (? US $95 million).
Geely’s stake is subject to post-closing adjustments tied to operational milestones; the equity share may be reduced, but not below 20 %. Geely also received an option to invest an additional 640 million yuan in cash within two years of closing or before Nio Power’s next financing round, which could raise Geely’s holding to 34 % and reduce Nio China’s share to 60 %.
In the charging business, Nio China will subscribe for newly issued equity in Haohan Energy, acquiring a 10 % stake. The cash paid by Nio will be used by Haohan Energy to purchase certain charging assets from Nio, creating a cross-shareholding model linking the two firms’ charging networks.
Background & Context
Nio and Geely first formalised a battery-swap partnership in November 2023, followed by a charging-network connectivity agreement in March 2024. Earlier capital injections into Nio Power include a 1.5 billion-yuan investment from the Wuhan Guangchuang Emerging Technology Fund in May 2024, and a planned but unrealised up-to 2.5 billion-yuan investment from CATL announced in March 2025. The September 2028 deal moves from technical standards and network sharing to full business integration.
Timeline
- Nov 2023 – Initial battery-swap partnership announced.
- Mar 2024 – Cooperation on charging-network connectivity established.
- May 2024 – Wuhan Guangchuang fund invests 1.5 billion yuan in Nio Power.
- Mar 2025 – Nio signs strategic cooperation with CATL; investment never materialises.
- Sept 28 – Definitive agreement signed; Geely acquires 30 % of Nio Power and cross-shareholding in Haohan Energy announced.
Data & Statistics
- Valuation: 16 billion yuan (? US $2.4 billion).
- Equity distribution after closing: Geely 30 %, Nio China 63.6 %, Wuhan Guangchuang 6.4 %.
- Potential post-option distribution: Geely 34 %, Nio China 60 %, Wuhan Guangchuang 6 %.
- Cash component: 640 million yuan (? US $95 million) upfront; same amount available under the option.
- Infrastructure targets: Nio Power aims for 10,000 battery-swap stations by 2030; Geely plans 22,000+ charging stations with 100,000+ connectors by the end of 2027.
Official Statements & Responses
Geely’s role includes developing battery-swappable vehicle models while relying on Nio Power for swap services. Both parties said the collaboration will enable unified swap standards and fully connected charging infrastructure.
Why It Matters
The transaction creates one of the largest cross-group integrations in China’s battery-swap sector, linking a leading EV maker’s swap network with a major automotive conglomerate’s charging assets. By combining equity stakes and operational assets, the partners aim to accelerate rollout of standardized swap technology for consumer vehicles and commercial fleets, addressing charging convenience—a key barrier to EV adoption.
What’s Next
- Option Exercise: Geely may invest the additional 640 million yuan within two years or before Nio Power’s next financing round.
- Milestone Review: Post-closing equity adjustments will be triggered if operational milestones are not met.
- Regulatory Approvals: The transaction remains subject to clearance and other closing conditions.
- Network Integration: Yiyi Power’s fleet-swap operations will merge into Nio Power, and the firms will continue aligning charging assets under the cross-shareholding model.