Executives from Geely Holding Group and Nio at the signing in Hangzhou, 28 September 2026 Credit: NIO Nio has agreed to sell a 30% stake in its battery swapping business, Nio Power, to Zhejiang Geely Holding Group, the company said on Monday. The two Chinese carmakers will also share technology and standards and build a joint service network. Geely Holding will pay with its whole battery swapping unit, Yiyi Power, plus 640 million yuan in cash. The deal values Nio Power at 16 billion yuan ($2.4 billion), according to Nio’s Hong Kong stock exchange filing, the South China Morning Post reported.
In return, Nio will take a 10% stake in Haohan Energy, Geely Holding’s charging business. The two will fully connect their charging networks. Swappable Geely cars Yiyi Power’s battery swapping for commercial fleets will move into Nio Power once the deal completes. The two companies will also co-develop unified swapping technology and standards for consumer cars.
Geely Holding, whose brands include Volvo, Zeekr and Lotus, will build battery-swappable models for private buyers. Nio Power will provide swapping for them. Nio founder and chief executive William Li pitched the tie-up as a response to “involution-style competition”, Beijing’s term for the cut-throat rivalry in China’s car market. “The collaboration between NIO and Geely in charging and battery swapping is open to the broader industry,” Li said. “Recharging networks are public infrastructure that serve society as a whole,” said Andy An Conghui, chief executive of Geely Holding. Nio’s network Nio said it has spent more than 20 billion yuan on charging and swapping.
It runs 4,126 swap stations and 5,307 charging stations across China and has completed more than 125 million battery swaps. It aims to have 10,000 swap stations running by 2030. Haohan Energy has 2,500 charging stations in 232 Chinese cities. Geely plans more than 22,000 by the end of 2027.
Last week Geely unveiled a new EV charger that hits 2.25 megawatts.
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