NIO and Geely Holding Group have entered a comprehensive strategic partnership covering EV charging and battery swapping, agreeing to cooperate across technology, operations, and capital while developing a shared service network.
Under the agreement, Geely will invest its entire ownership interest in Yiyi Power plus RMB 640 million in cash into NIO Power, giving Geely a 30% stake in NIO Power upon completion of the transaction.
Yiyi Power is a Geely subsidiary focused on battery swapping for commercial mobility services. Following the transaction, its battery-swapping operations will be integrated into NIO Power.
NIO Power will continue developing and optimizing its battery-swapping network for commercial fleets while supporting the expansion of Yiyi Power’s commercial mobility business.
The two companies will also jointly develop unified battery-swapping technologies and standards for consumer vehicles.
Under that arrangement, Geely plans to develop consumer-facing vehicles capable of battery swapping, while NIO Power will provide battery-swapping services for those models.
The partnership could significantly increase utilization of NIO’s existing battery-swapping infrastructure by opening parts of the network to additional vehicle brands and commercial transportation applications.
NIO said the cooperation will also accelerate expansion of its Power Swap Network, which the company aims to grow to 10,000 battery swap stations by 2030.
At that scale, NIO expects annual electricity demand across the network to exceed 10 billion kilowatt-hours.
Battery swapping allows electric vehicle drivers to replace a depleted battery with a charged unit rather than waiting for the vehicle to recharge.
NIO has made the technology an important part of its broader EV infrastructure strategy, combining battery-swapping stations with conventional charging services.
The agreement with Geely expands that strategy beyond NIO-branded vehicles by establishing a framework under which additional vehicle models can use compatible swapping technology.
The companies are also creating a reciprocal investment structure around their charging businesses.
NIO will invest in Haohan Energy, a Geely subsidiary, and will receive a 10% equity stake in the company once the transaction is completed. The announcement did not disclose the amount NIO will invest in Haohan Energy.
NIO and Geely plan to fully connect their charging infrastructure, enabling customers to access a broader combined charging network while potentially improving utilization of the companies’ existing assets.
The companies also intend to coordinate expansion of their charging networks and improve operating efficiency.
Geely plans to build more than 22,000 charging stations with over 100,000 charging connectors by the end of 2027.
That target includes more than 15,000 smart charging stations with over 50,000 smart charging connectors.
Geely is also targeting full charging coverage across county-level cities in China.
The agreement represents a broader infrastructure partnership between two of China’s major automotive groups at a time when EV manufacturers are looking for ways to improve charging availability, reduce infrastructure duplication, and increase utilization of existing charging and battery-swapping assets.
Rather than building completely independent networks, NIO and Geely intend to share infrastructure, technology standards, and capital across portions of their charging and swapping businesses.
The companies described the agreement as a new model of open collaboration within China’s automotive industry.
The partnership also aligns with China’s broader goals for the development of intelligent connected new-energy vehicles and more efficient deployment of industry resources.
For NIO, the transaction brings RMB 640 million in cash plus Yiyi Power’s battery-swapping business into NIO Power, while adding Geely as a 30% shareholder in the infrastructure subsidiary.
For Geely, the agreement provides access to NIO’s established battery-swapping platform while allowing it to develop consumer vehicles designed around common swapping technologies and standards.
Meanwhile, NIO’s 10% investment in Haohan Energy gives it an ownership position in Geely’s charging infrastructure business as the companies connect their respective networks.
The partnership therefore combines equity investments, infrastructure integration, technology development, and joint network expansion across both battery swapping and conventional EV charging.
