NIO, Geely partner to expand battery-swapping network
The agreement includes a stake acquisition, joint charging infrastructure development and common battery-swapping standards, with both companies opening the initiative to additional industry partners.
NIO has signed a strategic agreement with Zhejiang Geely Holding Group to combine efforts in battery swapping and electric vehicle (EV) charging infrastructure, as competition intensifies in China's EV charging market.
Under the deal, Geely will acquire a 30% stake in NIO Power, NIO's battery-swapping and charging subsidiary. In exchange, Geely will contribute its battery-swapping unit Yiyi Power and invest 640 million yuan (approximately $95 million) in cash.
The partnership aims to accelerate the development of charging and battery-swapping infrastructure while improving compatibility across the industry. The companies said they will jointly develop standardized battery-swapping systems and vehicle platforms capable of using the shared network.
NIO currently operates more than 4,000 battery swap stations, where drivers can replace a depleted battery in about three minutes. The company plans to expand that network to 10,000 stations by 2030. Geely, meanwhile, aims to operate more than 22,000 charging stations by the end of 2027.
As part of the transaction, NIO will also acquire a 10% stake in Geely's smart charging subsidiary, Haohan Energy.
The companies described the partnership as a model for broader industry cooperation, designed to create a denser and more reliable charging ecosystem for EV drivers.
