NIO Secures Geely Capital for Battery Swapping While Retaining Majority Control

NIO Inc. has entered a strategic battery-swapping and charging transaction with Zhejiang Geely Holding Group, which will see Geely acquire a 30% stake in NIO Power, valuing it at approximately 16 billion yuan (~$2.38 billion). NIO China will maintain a controlling 63.6% stake post-transaction, and Geely's stake could increase to 34% if certain milestones are met. Additionally, NIO will acquire a 10% stake in Geely's battery-charging subsidiary, Zhejiang Haohan Energy Technology, as both companies aim to expand their energy cooperation.