Chinese automakers Geely and Nio have deepened their partnership with a new cross-shareholding agreement as both aim to integrate their charging and battery-swapping infrastructure. This builds on a previous agreement signed over two years ago where both parties said they would co-develop battery swapping standards for private cars and commercial vehicles.
As reported by Economy Observer, the terms of the agreement include Geely Holding Group acquiring a 30% stake in Nio Power. This investment is comprised of 100% equity of Geely’s battery-swapping division, Yiyi Power, as well as a cash injection of 640 million yuan (about RM389 million).
As part of the deal, Yiyi Power’s battery-swapping operations for commercial vehicles will be consolidated into Nio Power. Meanwhile, Nio will require a 10% stake in Geely’s charging subsidiary, Haohan Power.
The goal of the partnership is to move battery swapping beyond single-brand exclusivity toward industry-wide standardisation. Both parties will jointly develop battery-swapping technology and standards that can be applied to new Geely electric vehicles (EVs), with Nio Power providing supporting infrastructure, with a target of 10,000 battery-swapping stations by 2030.
Geely is useless without CCP, same like certain type that needs CCP to assist them. Its all the same, please stop blaming others for your incompetence.
Could be this is Geely’s way of getting their hands on battery tech in-house; the better to compete with BYD.
If that is the case, then Geely will be more vertically integrated.