Summary
NIO agreed to issue a 30% stake in its battery-swapping and charging subsidiary, NIO Power, to a Geely Holding Group subsidiary in exchange for a battery-swapping company and RMB640 million. The proposed transaction values NIO Power at approximately RMB16 billion and is subject to regulatory clearances and customary closing conditions.
NIO said on 27 September 2026 that it had signed definitive agreements with subsidiaries of Geely Holding Group covering battery-swapping and charging businesses. The main transaction would give a Geely subsidiary a 30% stake in NIO Power, which operates NIO’s swapping and charging businesses, at an approximate post-money valuation of RMB16 billion. The deal still requires regulatory clearances and other customary closing conditions.
What the agreements cover
The transaction is structured as a subscription for newly issued NIO Power equity, rather than a transfer of an existing NIO stake. A Geely subsidiary would contribute its entire holding in Yiyi Internet Technology (Chongqing), which provides battery-swapping services for the commercial mobility market, and pay RMB640 million in cash for the new shares.
After completion, NIO China would retain a controlling 63.6% interest in NIO Power. An existing investor would hold 6.4%. The Geely subsidiary’s stake may be adjusted after closing based on operational milestones; if performance falls short, it may be reduced, but not below 20%. The subsidiary also has an option to invest another RMB640 million within the earlier of two years after closing or the date NIO Power signs binding agreements for a new financing round. Without any post-closing adjustment, that additional investment would take its stake to 34% and leave NIO China with 60%.
In a concurrent arrangement, NIO China would acquire 10% of Haohan Energy, a Geely subsidiary that operates a battery-charging business. The cash consideration is to be used by Haohan Energy to buy certain charging assets from NIO.
Why the partnership matters
Battery swapping replaces a vehicle’s depleted battery with a charged one, rather than waiting for the vehicle to recharge while connected to a charger. The approach depends on compatible vehicles and a network able to manage battery packs and exchanges. NIO’s announcement brings a company already providing swapping services for commercial mobility into the ownership of NIO Power, while NIO would also take a minority stake in Geely’s charging business.
The companies have also made preliminary plans to use battery-swapping technology and related services for consumer-facing vehicle models and commercial mobility businesses from Geely-related entities. Those plans require further discussion before they can be finalised and implemented. NIO said it expects the collaboration to support wider adoption of swapping and improve user experience; these are the company’s stated aims, rather than completed outcomes of the transaction.