Nio has agreed to sell a 30% stake in its battery-swapping and charging business, Nio Power, to a subsidiary of Geely Holding Group. The deal values Nio Power at about RMB16 billion (around US$2.4 billion). The companies announced definitive agreements on 27 September 2026, according to Nio's official release.

The two groups compete in selling cars. The agreement makes them partners in the infrastructure those cars depend on.

The terms

Geely's investment in Nio Power

  • What Geely contributes: 100% of Yiyi Internet Technology (Chongqing), its commercial-vehicle battery-swap operator, plus RMB640 million in cash.
  • Resulting stake: 30.0%. This can be adjusted against operational milestones, with a floor of 20%.
  • Option to increase: Geely may invest a further RMB640 million within two years, or before a new financing round, to lift its stake to 34.0%.
  • Ownership after closing:
Shareholder Stake If Geely exercises its option
Nio China 63.6% 60.0%
Geely Holding subsidiary 30.0% 34.0%
Wuhan Guangchuang Emerging Technology Phase I VC Fund 6.4% ~6.0% (implied)

Source: Nio release.

Electrek reported an implied value for Yiyi of a little over RMB4.1 billion after the cash adjustment.

Nio's investment in Geely's charging business

In a second transaction, Nio China will take a 10% stake in Zhejiang Haohan Energy Technology, Geely Holding's charging business. Haohan will use the proceeds to buy some of Nio's charging assets. The amount was not disclosed.

Both transactions require regulatory approval and customary closing conditions.

The network behind the valuation

Nio has spent years building a battery-swap network in which drivers exchange a depleted battery for a charged one in minutes, rather than waiting to recharge. According to Electrek:

  • Nio had 3,790 swap stations as of February 2026, with a target of 1,000 more during 2026.
  • The network recorded a single-day high of 175,976 swaps in February 2026.
  • Nio delivered 107,658 vehicles in the second quarter of 2026.

CnEVPost reported that Nio Power aims for 10,000 swap stations by 2030. It also reported that Geely plans more than 22,000 charging stations by the end of 2027.

Swapping versus charging, in brief

With fast charging, the battery stays in the car and the driver waits while it refills. With battery swapping, an automated station removes the depleted pack and installs a charged one. Batteries are recharged at the station, so the operator can charge them when grid demand is lower.

The trade-off is cost and standardisation. Stations are more complex than chargers, and they only work for vehicles built with compatible battery packs. That is why a shared standard between car groups matters.

Geely's contribution to the deal, Yiyi, operates battery swapping for commercial fleet mobility, CnEVPost reported. That gives the combined business a foothold in commercial fleets as well as private cars.

Why rivals are cooperating

Battery-swap networks are expensive to build and only pay off at high utilisation. A network used by one brand carries the full cost of stations that may sit partly idle. Opening it to a much larger group spreads that cost across more vehicles.

For Geely, the deal offers access to an established network without building one from scratch. Nio's release says the companies plan to adopt battery-swapping technology in Geely's consumer and commercial vehicle models, "subject to further discussion". CnEVPost reported that the partners will jointly develop unified swap technology and standards.

For Nio, bringing in a partner at a RMB16 billion valuation brings in outside capital and, potentially, far more swap customers. The two companies first signed a strategic cooperation agreement in November 2023, so this deal deepens an existing relationship.

What it means for Asia-Pacific EV markets

Standards. If two major Chinese groups converge on a shared swap standard, it strengthens the case for battery swapping as an alternative to fast charging. That matters for export markets that are still choosing their charging models.

Geely in Southeast Asia. Geely is already a significant EV seller in the region. In Indonesia it was the third-largest battery-electric brand by wholesales in January–August 2026, with 12,176 units, according to Gaikindo data compiled by Dataloka. How Geely approaches charging and swapping at home may shape what it offers abroad. The deal itself covers China.

Consolidation. The deal fits a wider pattern of China's crowded EV sector moving towards partnerships and consolidation, particularly in capital-heavy areas such as infrastructure and batteries.

For more on Indonesia's EV market and its local-production rules, see our analysis: Indonesia's EV Sales Doubled in 2026. Now Comes the Local-Production Test.

What to watch

  1. Regulatory approval of both transactions.
  2. Which Geely models get swap capability, and when. The release leaves this subject to further discussion.
  3. Milestone adjustments that could move Geely's stake between 20% and 30%.
  4. Whether Geely exercises its option to increase its stake to 34%.

Key numbers

  • RMB16 billion: Nio Power's post-money valuation
  • 30% (floor 20%, option to 34%): Geely's stake
  • RMB640 million: cash from Geely, plus Yiyi's swap business
  • 3,790: Nio swap stations as of February 2026

This article was researched with AI assistance and reviewed by the NDNews editorial team. Terms are taken from Nio's official release; network figures are as reported by the linked outlets, as of 28 September 2026. It is not investment advice.