NIO signs broad deal with Geely on battery-swapping and charging businesses

Chinese electric vehicle maker NIO (9866) said on Monday it had signed a broad deal with Zhejiang Geely Holding Group on their battery-swapping and charging businesses.

• Under the deal, Geely Holding Group will acquire a 30 percent stake in NIO Power, NIO's battery-swapping and charging unit. For the purchase, Geely will contribute its 100 percent equity in its battery-swapping subsidiary Yiyi Power, plus 640 million yuan (HK$747.8 million) in cash.
• The transaction values NIO Power at a post-money valuation of about 16 billion yuan.
• NIO will acquire a 10 percent equity stake in Geely's smart charging subsidiary, Haohan Energy.
• The two companies will co-develop unified swapping standards and vehicle models.
• NIO Power aims to have 10,000 battery swap stations in operation by 2030, with annual electricity demand expected to exceed 10 billion kWh.
• Geely plans to expand its network to over 22,000 charging stations with more than 100,000 connectors by the end of 2027.

Reuters

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