Nio Inc. announced on September 28, 2026, that it signed a definitive agreement with subsidiaries of Geely Holding Group covering an investment in its battery swap business. Geely intends to acquire a 30% stake in Nio Power by contributing its entire interest in fleet battery swap operator Yiyi Power and 640 million yuan ($94.8 million) in cash.
The transaction implies a post-money valuation of about 16 billion yuan ($2.37 billion) for Nio Power. Upon completion, Nio China will retain control with a 63.6% stake, while Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership will hold 6.4%.
Yiyi Power’s commercial fleet battery swap operations will be integrated into Nio Power. Geely’s final holding is linked to operational milestones and could be reduced after closing if performance falls short, but it will not fall below 20%.
Geely also received an option to invest another 640 million yuan in cash. Excluding post-closing adjustments, exercising the option would increase its stake to 34% and reduce Nio China’s holding to 60%. The option must be exercised within two years of closing or before Nio Power signs binding agreements for a new financing round, whichever occurs first.
Separately, Nio China agreed to subscribe for newly issued shares in Zhejiang Haohan Energy Technology Co., Ltd., Geely’s charging business, giving Nio China a 10% stake upon completion. Haohan Energy will use the proceeds to purchase certain charging assets from Nio. The investment amount was not disclosed, and the transaction remains subject to regulatory approvals and other closing conditions.
The companies plan to connect their charging infrastructure and jointly develop unified battery swap technologies and standards for consumer vehicles. Geely plans to develop battery-swappable models, with Nio Power providing swap services, although the filing said these plans remain preliminary. Nio Power aims to operate 10,000 swap stations by 2030, while Geely plans more than 22,000 charging stations with over 100,000 connectors by the end of 2027.
Geely to Take 30% Stake in Nio Power in Asset Deal
Geely will take 30% of Nio Power, while Nio China will acquire 10% of Haohan Energy as their infrastructure partnership deepens.
Geely’s plan includes more than 15,000 smart charging stations with over 50,000 smart charging connectors.
Source: CnEVPost
