NIO and Geely agree to combine battery-swapping and charging networks.

Reuters reported that Geely will contribute its Yiyi Power battery-swapping subsidiary and 640 million yuan in cash for a 30% stake in NIO Power. The transaction values NIO's charging and swapping unit at roughly 16 billion yuan, or $2.38 billion.

The partners said they will develop unified swapping standards and compatible vehicle models, while leaving the network open to additional automakers. NIO targets 10,000 swap stations by 2030, and Geely plans more than 22,000 charging stations by the end of 2027.