NIO Sells 30% Stake in Battery Swap Unit to Geely in Strategic Partnership

Chinese EV maker NIO has announced a significant deal, selling 30% of its NIO Power battery swapping and charging unit to a Geely Holding subsidiary. This strategic partnership, valued at approximately $2.2 billion post-money, will see Geely contribute its own commercial battery swap business and cash, while NIO gains a 10% stake in Geely's charging arm. The move aims to accelerate the expansion and standardization of battery swapping technology, enhancing its viability across the industry.