NIO and Geely Ink EV Battery Swap Deal
Chinese electric vehicle maker NIO signed a partnership with Geely Holding Group to expand their charging and battery-swapping networks. Under the agreement, Geely will acquire a 30 percent stake in NIO Power.
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NIO INC - ADR signed a deal on Monday morning to sell a 30% stake in its charging unit to Zhejiang Geely Holding Group, valuing NIO Power at 16 billion yuan ($2.38B). The partnership unites two major rivals in China to co-develop unified battery-swapping standards and expand charging infrastructure. The collaboration aims to accelerate technology adoption across the sector, leaving the door open for other manufacturers to join.
