The companies are also discussing wider use of battery swapping across Geely-related vehicles, though plans remain preliminary.
- Geely would contribute its commercial fleet battery swap business and 640 million yuan in cash for a 30% stake in Nio Power.
- Nio China would retain control with 63.6% after the deal closes, and Geely could later raise its stake to 34% through another investment.
- Nio China also agreed to take a 10% stake in Geely’s Haohan Energy, which would use the proceeds to buy certain Nio charging assets.
U.S.-listed shares of Nio, Inc. (NIO) jumped 4% overnight late Sunday after the EV maker struck a deal valuing its charging and battery swap business at $2.4 billion and giving longtime partner Geely Holding Group a 30% stake.
Nio’s U.S.-listed shares fell 2% last week, extending their losing streak to five weeks. The stock is down 13% so far in September and is on track for a fifth straight monthly decline and its worst month since November 2025.
Geely’s 30% Stake Puts $2.4B Value On Nio Power
Under the deal, a Geely unit would exchange its full interest in Yiyi Internet Technology (Chongqing) and the cash payment for newly issued Nio Power shares. Yiyi provides battery swapping services to commercial fleets, giving Nio Power a route to expand that side of its business. The deal values Nio Power at 16 billion yuan ($2.4 billion) after the investment.
If the deal closes, Nio China would hold 63.6% of Nio Power, Geely’s unit would own 30%, and existing investor Wuhan Guangchuang would retain 6.4%. Geely’s stake could fall to at least 20% if it misses certain operating milestones.
Geely also has an option to invest another 640 million yuan. If exercised, and before any milestone-related adjustment, its holding would rise to 34%, while Nio China’s stake would decline to 60%. The option expires at the earlier of two years after closing or Nio Power signing binding agreements for another financing round.
Nio Takes Stake In Geely’s Charging Business
Nio is also set to become an investor in Geely’s charging business. In a separate deal, Nio China agreed to buy newly issued shares in Haohan Energy for a 10% stake. Haohan would use the proceeds to purchase certain charging assets from Nio.
The deals deepen a partnership that began with a battery swap agreement in 2023 and expanded to charging network connectivity in 2024. The new ownership links give both companies a financial stake in businesses they have already been working to connect.
Nio and Geely are considering broader use of battery swapping across Geely-related consumer vehicles and commercial mobility operations. The plans are still preliminary, and the companies said their details and implementation require further discussions.
Nio Opens Off-Grid Battery Swap Station In Xinjiang
Nio’s network expansion was already in focus last week. The company opened a solar-powered battery swap station at Xingxingxia in Xinjiang that operates without a grid connection. Nio said that the station uses solar generation and battery storage to serve drivers along a highway route through an area with limited grid coverage.
As of Sept.23, the company had 4,109 swap stations in China, including 1,060 along highways, as well as 5,301 charging stations. The Xinjiang project offers one way to extend that network into places where building conventional power lines would be costly.
How Do Retail Traders Feel About NIO?
On Stocktwits, retail sentiment for NIO has been ‘bearish’ over the past week amid a 28% jump in 24-hour message volumes.
One user noted the Geely deal and said, “$NIO unusual position for short MMs to be in, to try and keep a share price down, but have ZERO power to push the company down. Let’s see what tomorrow brings…”
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Another user said, “$NIO I don't think we should overstate this. I also don't think NIO is going to become a major supplier to the auto industry, but we'll have to see whether the chip business can scale following the Geely deal.”
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Nio’s U.S.-listed stock has declined 30% year to date.
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