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.
Geely Holding will acquire a 30% stake in Nio Power by contributing its battery swap business Yiyi Power and 640 million yuan in cash, valuing Nio Power at approximately 16 billion yuan. Nio China retains a controlling 63.6% stake, while the companies deepen cooperation on charging networks and battery swap technology through mutual equity investments and infrastructure integration.