Geely is buying 30% of Nio Power. Battery replacement is beyond the scope of Nio vehicles.
Geely Holding will acquire a 30 percent stake in Nio Power, the company that manages Nio’s charging and battery swapping stations. The deal was signed on September 28, 2026, with Nio Power’s valuation after the transaction at around 16 billion yuan, or $2.37 billion. Instead of a standard cash payment, Geely will contribute its own battery swapping business along with 640 million yuan in cash.
Table of Contents
Show
Hide
Geely pays with assets and cash while taking on the risks
Geely will transfer 100 percent of its stake in Yiyi Power to Nio Power, a company that operates around 470 battery swapping stations for taxis and commercial fleets. It will also contribute 640 million yuan, approximately $95 million.
With the entire company valued at 16 billion yuan, the 30 percent stake is worth 4.8 billion yuan. After deducting the cash contribution, Yiyi Power’s valuation comes to just over 4.1 billion yuan, or around $610 million.
This valuation includes a safety clause. Geely’s stake could be reduced if the acquired business fails to meet agreed operational targets, but it won’t drop below 20 percent. Geely will also have the option to invest an additional 640 million yuan, which would raise its stake to 34 percent.
After the completion of the main transaction, Nio China will hold 63.6 percent, Nio Power will have 30 percent, and Wuhan Guangchuang Fund will hold 6.4 percent. With the additional investment, Nio’s stake will drop to 60 percent. The option will remain valid for two years or until Nio Power signs an agreement for the next funding round.
The second part of the deal proceeds in the opposite direction. Nio will purchase 10 percent of shares in Haohan Energy, a Geely-owned company responsible for charging infrastructure. The amount involved has not been disclosed. Haohan will use the funds to acquire some of the charging infrastructure currently owned by Nio.
Both transactions require regulatory approval.
A common standard for Geely vehicles remains a plan
Geely and Nio have been collaborating on battery swapping since November 2023, and in March 2024 they merged access to their charging networks. Now, assets and cash are following the announcements.
The companies aim to develop a common standard for interchangeable batteries in passenger vehicles. Geely will build models that comply with this standard, while Nio Power will provide charging stations and support. For now, these are preliminary plans without brand names, model specifics, or launch dates.
The list of potential candidates is long. Geely Holding controls companies such as Geely Auto, Zeekr, Lynk & Co, Volvo Cars, and Polestar. Introducing even one popular brand to Nio’s network would give it the scale that previous industry agreements have not provided.
The fifth generation of Nio’s charging stations, launched in August 2026, supports vehicles from the Nio, Onvo, and Firefly brands. According to the manufacturer, its design is compatible with over 95 percent of passenger cars available on the market. However, mere dimensional compatibility does not address issues related to different battery packs, voltages, and mounting systems.
The agreement primarily covers China. No compatible models from Geely have been announced, nor are there dates set for expanding the partnership to Europe.
Nio has 4,126 charging stations and aims to reach 10,000
Nio has invested over 20 billion yuan in charging and battery swapping over 11 years. The company claims to have 9,433 stations of both types in China and has provided over 220 million services.
The network includes 4,126 battery swap stations that have completed over 125 million transactions. Another 5,307 locations are charging stations, which have handled more than 99 million sessions. Over 85 percent of the energy sold by Nio’s chargers goes to vehicles from other brands.
By 2030, Nio Power aims to have 10,000 battery swap stations. Their annual energy demand is expected to exceed 10 billion kWh at that time. Geely, on the other hand, plans to launch over 22,000 charging stations with 100,000 connectors by the end of 2027.
However, Nio Power’s valuation has not risen significantly compared to the 2024 round, despite the expansion of its network. The fate of the CATL investment of 2.5 billion yuan announced for 2025 remains unclear, as the battery manufacturer is not listed in the new share structure.
Nio has finally found a partner who brings an operating business, not just a signature on an agreement. Would a Geely car with a compatible battery convince you to switch from ultra-fast charging?
LovEV Newsletter
Want more content like this?
Sign up — we’ll send you a weekly summary once the newsletter starts.