NIO sold a 30% stake in NIO Power, its battery swap unit, to a Geely Holding subsidiary at a $2.4 billion valuation in a deal combining Geely's commercial swap business, $94 million in cash, and equity swaps. The transaction gives Geely potential to increase its stake to 34% and marks NIO's first major outside investment partner for its expanding swap network.
As President Trump meets with Chinese President Xi Jinping, U.S. automakers, dealers, suppliers, and lawmakers across party lines are urging him to maintain restrictions on Chinese automakers entering the U.S. market, warning that companies like BYD and CATL could overwhelm domestic production. Chinese automakers have rapidly expanded globally, capturing 12% of the European market by 2025, and executives from major Chinese auto and battery companies are reportedly attending Trump's state dinner with Xi.