NIO seals battery swapping pact with Geely

NIO announced on Sept. 27, 2026, that it entered into definitive agreements with subsidiaries of Zhejiang Geely Holding Group for a strategic transaction across battery swapping and charging operations.

Under the agreements, a subsidiary of Geely Holding Group will transfer 100% of Yiyi Internet Technology (Chongqing) Co., Ltd. along with RMB 640 million in cash to subscribe for new shares in NIO Power. The deal establishes a post-money valuation of approximately RMB 16 billion for NIO Power. Following completion, Geely's subsidiary will hold 30.0% of NIO Power, NIO China will retain a controlling 63.6% stake, and existing investor Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership will hold 6.4%.

Geely's equity interest includes operational milestones that could adjust its stake downward to no less than 20% in the event of underperformance. The subsidiary also secured an option to invest an additional RMB 640 million in cash within two years or prior to a new financing round, which would raise its stake to 34.0% and reduce NIO China's controlling interest to 60.0% before adjustments.

In a concurrent transaction, NIO China agreed to acquire a 10.0% equity interest in Geely subsidiary Zhejiang Haohan Energy Technology Co., Ltd. Haohan Energy will use the cash consideration to purchase selected charging assets from NIO. Both companies also outlined preliminary plans to deploy battery swapping technology across consumer and commercial vehicle models.