NIO and Geely agree on comprehensive charging and battery-swapping cooperation

NIO and Geely Holding Group have announced definitive agreements covering their charging and battery-swapping businesses. Geely will contribute its 100% stake in Yiyi Internet Technology and RMB 640 million in cash to subscribe for new shares in NIO Power. After the transaction, Geely would hold a 30% stake in NIO Power, valuing the unit at about RMB 16 billion, subject to regulatory approvals and closing conditions. NIO China will also subscribe for new shares in Geely’s Haohan Energy and hold a 10% stake. The companies plan to share charging and swapping technologies and standards, connect their charging resources, integrate Yiyi’s commercial-fleet swapping operations into NIO Power, and develop common consumer-facing battery-swapping standards. [NIO]