NIO and Geely Holding Group Agree on Comprehensive Strategic Cooperation in Battery Swapping
Chinese electric vehicle makers NIO and Geely Holding Group have announced a comprehensive strategic partnership focused on battery swapping technology. The agreement includes joint investment and technology sharing.
Chinese electric vehicle manufacturer NIO has announced a strategic cooperation agreement with automotive group Geely Holding Group, focusing on battery swapping and charging technology. The partnership encompasses collaboration in technology, operations, and capital.
As part of the deal, Geely Holding Group will invest 640 million yuan (approximately $88 million) in NIO Power, NIO's battery swapping division, acquiring a 30% stake. Geely's vehicle battery swapping operations, managed by its subsidiary Yiyihulian, will be integrated into NIO Power. This move aims to enhance NIO Power's operational network for commercial vehicles.
The companies will jointly develop unified battery swapping technologies and standards for the consumer market. Geely intends to introduce new electric vehicle models compatible with battery swapping, with NIO Power providing the servicing. NIO aims to expand its battery swapping network significantly, targeting 10,000 stations by 2030.
Additionally, NIO will invest in Geely's smart charging arm, Haoheng Energy, acquiring a 10% stake. This will enable the full interconnection of their charging resources, improving network coverage and operational efficiency. Geely plans to build over 22,000 charging stations and more than 100,000 charging guns by the end of 2027.