NIO and Geely Holding have forged a comprehensive strategic partnership in the realm of battery swapping and charging services. A subsidiary of Geely Holding has acquired newly issued shares in NIO Power by transferring 100% of its equity in Yiyi Internet and contributing RMB 640 million in cash. Upon completion of the transaction, Geely will own a 30% stake in NIO Power, with NIO China retaining its controlling interest at 63.6%. The battery-swapping operations for Yiyi Internet's commercial vehicles will be integrated into NIO Power, with the post-investment valuation of NIO Power in this round estimated at approximately RMB 16 billion. Both parties have established provisions for equity adjustments, granting Geely the option for additional investments. Furthermore, NIO will subscribe to newly issued shares in Haohan Energy, a Geely subsidiary, and will hold a 10% stake post-transaction.

Following the transaction, NIO Power will manage two distinct battery-swapping networks, catering separately to individual consumers and commercial vehicles. The collaboration will also encompass resource integration across manufacturing, supply chain management, operations, and other key areas. This deal introduces NIO Power to Geely's established battery-swapping operations for B-end commercial vehicles. Meanwhile, Geely alleviates the burden of independently expanding its battery-swapping infrastructure and gains access to the shared benefits of this business model. Currently, the domestic energy replenishment sector is transitioning from a focus on scale expansion to enhancing asset efficiency, with the battery-swapping business model being highly contingent on scale. Previously, after NIO opened its battery-swapping system to external partners, cross-brand implementation saw sluggish progress. Moving forward, both sides will advance their cooperation with Robotaxi as the initial application scenario and intend to jointly develop battery-swapping technologies and standards for individual users. Further details of this collaboration are yet to be finalized.