Geely Holding becomes the first carmaker to invest in NIO Power, trading its battery-swap subsidiary and cash for a 30% stake. The deal values NIO's charging and swapping business at about $220 million and deepens a shared bet on swap stations.
NIO is selling a 30 percent stake in its charging and battery-swap unit to Geely, which pays with cash and its own charging subsidiary. The two rivals will fully link their charging networks across China.
Nio has opened its westernmost battery-swap station in Khorgos, completing a 3,605-kilometre corridor of 33 stations across China. The route lets drivers swap depleted batteries for fresh ones, reaching every provincial-level region without long charging stops.
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