NIO signs battery-swapping deal with Geely, values NIO Power at 16 billion yuan

Chinese EV maker NIO has signed definitive agreements with Geely subsidiaries for a deal involving battery-swapping and charging businesses. Under the terms, a Geely unit will invest 640 million yuan and contribute its own swapping business for a stake in NIO Power, valuing the unit at about 16 bill

Chinese electric vehicle maker NIO said on Monday (28 Sep 2026) it has entered into definitive agreements with subsidiaries of Zhejiang Geely Holding Group involving their battery-swapping and charging businesses.

Under the deal, a Geely subsidiary will invest 640 million yuan in cash and also contribute its own battery-swapping business in exchange for a stake in NIO Power, NIO's battery-swapping and charging unit.

The transaction values NIO Power at a post-money valuation of approximately 16 billion yuan (S$3.2 billion, US$2.38 billion), based on a yuan-to-US dollar exchange rate of 6.7128.