Chinese electric vehicle maker NIO has signed an agreement with Zhejiang Geely Holding Group covering their battery-swapping and charging businesses, with the companies planning to jointly expand charging networks and develop greater interoperability between their systems.
Under the agreement, Geely Holding will acquire a 30% stake in NIO Power, NIO’s battery-swapping and charging business. Geely will contribute its entire equity interest in its battery-swapping subsidiary Yiyi Power, along with 640 million yuan ($95 million) in cash.
The transaction values NIO Power at approximately 16 billion yuan ($2.38 billion), according to NIO.
As part of the partnership, NIO and Geely will work on developing common battery-swapping standards and compatible vehicle models. The companies also plan to collaborate on their battery-swapping and charging infrastructure to expand network coverage and improve compatibility between their respective systems.
NIO is targeting 10,000 battery-swap stations by 2030, while Geely plans to have 22,000 charging stations by 2027.
Following the announcement, NIO shares rose 3.2%, according to Reuters.
NIO is a pioneer and a leading company in the premium smart electric vehicle market. Founded in November 2014, NIO’s mission is to shape a sustainable and brighter future together. NIO aims to build a community starting with smart electric vehicles to share joy and grow together with users.
NIO designs, develops, jointly manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in autonomous driving, digital technologies, electric powertrains and batteries.
NIO differentiates itself through its continuous technological breakthroughs and innovations, such as its industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as its proprietary autonomous driving technologies and Autonomous Driving as a Service, or ADaaS.
NIO’s models for sale include the all-new smart electric flagship SUV ES8, the smart electric flagship coupe SUV EC7, the smart electric mid-large SUV ES7, the smart electric flagship sedan ET7, the all-new smart electric all-round SUV ES6, the all-new smart electric coupe SUV EC6, the smart electric mid-sized sedan ET5, and the smart electric tourer ET5T.
Electrify your feed! Click here to join our Whatsapp group and to get the latest updates, expert insights, and innovations driving India’s energy storage revolution.
