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Nio to sell stake in battery swapping unit to Geely, valuing it at 16B yuan
Geely would pay 640 million yuan in cash and contribute its battery-swapping unit Yiyi Internet Technology for a 30% stake in Nio Power.
Chinese EV maker Nio said it has agreed to deepen its battery swapping partnership with Zhejiang Geely Holding Group through a stake sale that values Nio’s battery swapping unit at 16 billion yuan, or about US$2.4 billion, according to an SCMP Economy report.
Under the deal, Geely would pay 640 million yuan in cash and contribute its wholly owned battery swapping unit, Yiyi Internet Technology, in exchange for a 30% share in Nio Power, Nio said in a filing with the Hong Kong stock exchange.
Nio said the transaction is intended to enable the two companies to co-develop unified battery swapping standards and new EV models based on the technology.
The filing also said Nio expects the agreement to support broader adoption of battery swapping, enhance the user experience, and accelerate EV penetration.