NIO and Geely agree on comprehensive charging and battery-swapping cooperation

NIO and Geely Holding Group have announced definitive agreements covering their charging and battery-swapping businesses. Geely will contribute its 100% stake in Yiyi Internet Technology and RMB 640 million in cash to subscribe for new shares in NIO Power. After the transaction, Geely would hold a 30% stake in NIO Power, valuing the unit at about RMB 16 billion, subject to regulatory approvals and closing conditions.