NIO Sells 30% Stake in Battery-Swap Unit to Geely in $2.4 Billion Deal

NIO shares rose in Hong Kong trading Monday after the company announced a strategic partnership with Zhejiang Geely Holding Group centered on battery-swapping and charging infrastructure. Under the agreement, a Geely subsidiary will contribute full ownership of battery-swap operator Yiyi Internet Technology along with RMB 640 million in cash in exchange for a 30% stake in NIO Power, valuing the unit at roughly RMB 16 billion.

NIO will retain a controlling 63.6% interest in NIO Power following the transaction, while separately acquiring a 10% stake in Geely's charging arm, Haohan Energy. The cross-investment brings together two of China's most prominent EV groups — Geely also controls Zeekr, Volvo Cars, Polestar and Lynk & Co — lending scale and credibility to NIO's battery-swap network.

Investors read the deal as validation of NIO's capital-intensive swapping model. NIO shares gained about 1.4% on the news, trading in line with a broader 0.5% advance in the Hang Seng Index.