Energy
NIO sells 30% of battery swap unit to Geely at more than $2 billion
NIO is selling 30% of NIO Power to Geely for its Yiyi swap business and RMB640 million in cash, valuing NIO's battery swap network at RMB16 billion.
AI Summary
NIO announced that a Geely Holding subsidiary will acquire a 30% stake in NIO Power, the company’s battery‑swap and charging network. The transaction values NIO Power at roughly RMB16 billion, about $2.4 billion, after the deal. Most of the consideration paid by Geely is not cash. The agreement was finalized on Sunday. No further details on the payment structure or future operational changes were provided.
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