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.
Chinese electric-vehicle makers NIO and Geely have announced a partnership aimed at cutting costs and easing the brutal price war squeezing industry margins. The tie-up signals a new phase of consolidation and cooperation in the world's largest EV market.
On September 23, nine new models from brands like Geely, Changan and Denza hit Chinese showrooms in a single day. The pile-up reflects brutal competition in the world's largest car market, where too many models chase too few buyers.
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