NIO Power

EV · Battery-Swapping · Energy Infrastructure

Acquisition

Geely to take 30% of NIO Power at $2.4B valuation in swap deal

The deal hands a costly battery-swap network its first paying industrial partner, offering rival automakers a three-minute alternative to fast charging.

• NIO signed definitive agreements for a Geely Holding subsidiary to acquire 30% of NIO Power by contributing its Yiyi Power battery-swap business plus RMB640 million ($95M) in cash, valuing NIO Power at roughly RMB16 billion ($2.38B).
• NIO Power runs NIO's network of over 4,000 battery-swap and charging stations, letting drivers replace a depleted battery for a full one in about three minutes.
• After closing, NIO China keeps a controlling 63.6% of NIO Power, Geely's unit holds 30%, and existing backer Wuhan Guangchuang retains 6.4%; Geely's stake can fall to 20% if operational milestones are missed or rise to 34% via a follow-on cash option.
• In a parallel transaction, NIO China is subscribing for a 10% stake in Geely's charging subsidiary Haohan Energy, with the proceeds used to buy some of NIO's charging assets.
• NIO Power is targeting 10,000 swap stations by 2030 while Geely aims to expand its charging network to more than 22,000 stations by the end of 2027.
• The companies first agreed to pursue joint battery-swap standards in late 2023, but that was a non-binding pact; this deal adds real capital, asset contributions and equity stakes.
• By recruiting a rival automaker as a paying investor, NIO gains a financial backer to offset its swap-station buildout costs, strengthening its position in China's escalating fast-charging race against BYD's flash-charging rollout.