In Pictures: NIO sells 30% stake in battery swap unit NIO Power to Geely at $2.4 billion valuation

NIO's battery swap network is at the center of a new partnership with Geely Holding.

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The deal gives NIO Power a partner with real assets and cash backing after years of courting automakers.

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Geely will fold its commercial battery swap business into NIO Power as part of the 30% stake purchase.

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Regulatory approval is still required before the $2.4 billion valuation deal can close.

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Under the agreement, NIO will take a 10% stake in Geely's charging arm in return.

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The tie-up marks NIO's first major battery swap partnership backed by tangible assets.

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Battery swapping remains central to NIO's strategy of easing EV charging times for drivers.

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Geely's contribution includes its own commercial battery swap operations plus RMB640 million in cash.

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The partnership signals further consolidation in China's crowded EV infrastructure market.

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