NIO Inc. and Zhejiang Geely Holding Group announced a strategic partnership on September 28, 2026, covering battery swapping and electric vehicle charging. The agreement includes cooperation in technology, operations and capital.
Under the deal, a Geely subsidiary will acquire a 30% stake in NIO’s subsidiary, NIO Power. It will contribute its battery-swap unit, Yiyi Internet Technology, and RMB 640 million (approximately $95 million) in cash. The transaction values NIO Power at around RMB 16 billion.
NIO will acquire a 10% stake in Geely’s charging business, Haohan Energy. The companies plan to align battery-swap technologies and standards and connect their charging networks to improve efficiency and coverage.