China’s Nio and Geely deepen commitment to EV battery swapping tech in stake sale

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Nio agreed to sell Geely a 30% stake in its battery-swapping subsidiary, Nio Power, in a transaction valuing the unit at 16 billion yuan. Geely will pay 640 million yuan and contribute its battery-swapping business, Yiyi Internet Technology, as part of the deal.

Chinese electric vehicle (EV) maker Nio has deepened its partnership with Zhejiang Geely Holding Group after agreeing to sell a stake in its battery swap subsidiary to the automotive conglomerate in a deal that values the unit at 16 billion yuan (US$2.4 billion). Geely Holding, controlled by Chinese billionaire Li Shufu, would pay 640 million yuan in cash and contribute its wholly owned battery-swapping unit Yiyi Internet Technology in exchange for a 30 per cent share in Nio Power, Nio said in a...