Geely Holding will take a 30% stake in Nio Power under a strategic deal covering battery swapping and EV charging.
Under definitive agreements announced by Nio, a Geely subsidiary will contribute its entire holding in Yiyi Internet Technology, which provides battery-swapping services for commercial mobility, together with 640 million yuan (about RM389 million) in cash.
The transaction values Nio Power at about 16 billion yuan (RM9.7 billion) after the investment. Nio China will retain control with a 63.6% stake, while an existing investor will hold 6.4%.
Geely also has an option to invest another 640 million yuan within two years, or before Nio Power agrees to a new financing round. That could lift its stake to 34%, subject to the agreed terms.
In a related transaction, Nio China will acquire a 10% stake in Geely-owned Haohan Energy, which operates a charging business.
The two groups also plan to work on common battery-swapping standards and compatible vehicle models for passenger and commercial vehicles, although the details remain subject to further discussions.
Reuters reported that Nio now operates more than 4,000 battery-swap stations, where a battery replacement takes about three minutes. Nio is targeting 10,000 swap stations by 2030, while Geely plans more than 22,000 charging stations by the end of 2027.
Nio CEO William Li said the cooperation is open to other carmakers joining the network.
