NIO Announces Definitive Agreements for Strategic Transaction with Geely Holding Group in Battery Swapping and Charging Businesses
The NIO Power transaction gives Geely a stake in the business while NIO China retains control, subject to closing.
Rhea-AI Summary
NIO (NIO) signed definitive agreements with Geely Holding Group subsidiaries for linked battery swapping and charging transactions.
A Geely subsidiary will contribute its entire stake in commercial battery-swapping provider Yiyi Internet Technology (Chongqing) and RMB640 million for newly issued NIO Power equity. Subject to regulatory clearances and customary closing conditions, it would hold 30.0% of NIO Power. NIO China would retain a controlling 63.6% stake, and an existing investor would hold 6.4%. The transaction values NIO Power at approximately RMB16 billion after investment.
The Geely subsidiary’s stake may fall to no less than 20% if operational milestones are missed. It also has an option to invest another RMB640 million. Separately, NIO China agreed to acquire 10.0% of Geely’s Haohan Energy for cash that will fund Haohan Energy’s purchase of certain NIO charging assets. Plans to extend battery swapping to Geely-related vehicles remain preliminary.
Positive
- Definitive transaction values NIO Power at approximately RMB16 billion after investment.
Negative
- NIO Power to issue 30.0% stake for Yiyi equity and RMB640 million.
Key Figures
- Initial cash consideration
- RMB640 million
- Geely subsidiary's subscription for newly issued NIO Power equity
- Geely subsidiary ownership
- 30.0%
- NIO Power equity upon transaction completion
- NIO China ownership
- 63.6%
- NIO Power equity upon transaction completion; controlling interest
- Existing investor ownership
- 6.4%
- Remaining NIO Power equity upon transaction completion
- Minimum adjusted ownership
- 20%
- Geely subsidiary's stake may be reduced to no less than this level for operational underperformance
- Additional investment option
- RMB640 million
- Further cash investment option, exercisable within the stated period after closing
- Ownership with option exercise
- 34.0%
- Geely subsidiary's NIO Power stake, without post-closing adjustments
- Haohan Energy ownership
- 10.0%
- NIO China's stake upon completion of the concurrent transaction
Historical Context
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NIO inaugurated its 4,000th battery swap station and integrated FIREFLY into the network.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
post-money valuation financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGHAI, Sept. 27, 2026 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the global smart electric vehicle market, today announced the entry into definitive agreements with certain subsidiaries of Zhejiang Geely Holding Group Co., Ltd. (“Geely Holding Group”) in connection with a strategic transaction in battery swapping and charging businesses.
Pursuant to the definitive agreements, subject to regulatory clearances and other customary closing conditions, a subsidiary of Geely Holding Group will use (i) its holding of
The equity interest held by the subsidiary of Geely Holding Group is subject to post-closing adjustments tied to certain operational milestones, pursuant to which the equity interest may be reduced to no less than
Concurrently with the NIO Power transaction, subject to regulatory clearances and other customary closing conditions, NIO China has agreed to subscribe for newly issued equity interest of Zhejiang Haohan Energy Technology Co., Ltd. (“Haohan Energy”), a subsidiary of Geely Holding Group that operates a battery charging business, with cash consideration which will be used to purchase certain charging assets from NIO. Upon completion of the transaction, NIO China will hold
In addition, NIO and Geely Holding Group have made preliminary plans for the adoption of battery swapping technology and provision of related services for both consumer-facing vehicle models and commercial mobility businesses from Geely Holding Group’s related entities. The finalization and implementation of these plans are subject to further discussions between the relevant parties.
The transactions and initiatives outlined above reflect industry recognition of NIO’s battery swapping technologies, network and operational capabilities. Through strategic collaboration with industry players, NIO expects to further promote the adoption of battery swapping, continuously enhance user experience, accelerate the growth of electric vehicle penetration and further unlock the long-term value of battery swapping.
About NIO Inc.
NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of “Blue Sky Coming”. NIO envisions itself as a user enterprise where innovative technology meets experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO distinguishes itself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. NIO provides premium smart electric vehicles under the NIO brand, premium smart electric vehicles for families through the ONVO brand, and high-end smart electric compact cars with the FIREFLY brand.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and Intelligent Driving and its subscription services; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build its current and future brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What would Geely receive in the NIO Power transaction?
A Geely Holding Group subsidiary would receive 30.0% of NIO Power upon completion, in exchange for its 100% stake in Yiyi Internet Technology (Chongqing) and RMB640 million in cash. NIO China would retain a controlling 63.6% stake.
What are the terms of Geely’s option to invest more in NIO Power?
The Geely subsidiary can invest a further RMB640 million before the earlier of two years after closing or the date NIO Power enters binding agreements for a new financing round. Before any post-closing adjustment, that investment would bring its NIO Power stake to 34.0% and NIO China’s to 60.0%.
What would NIO China acquire from Geely’s Haohan Energy?
NIO China agreed to subscribe for newly issued equity representing 10.0% of Haohan Energy upon completion. Its cash consideration will be used to buy certain charging assets from NIO. The transaction remains subject to regulatory clearances and other customary closing conditions.