NIO Inc. (NIO) said on Sep, 28 2026 that it has signed definitive agreements with subsidiaries of Zhejiang Geely Holding Group for a series of transactions covering battery-swapping and charging services.

A Geely Holding subsidiary will contribute its entire stake in Yiyi Internet Technology (Chongqing) Co., Ltd. and about 121 million Singapore dollars in cash to subscribe for new shares of NIO Energy Investment (Hubei) Co., Ltd. (“NIO Power”). On completion, the Geely entity will own 30.0% of NIO Power, while NIO’s subsidiary NIO Holding Co., Ltd. will retain 63.6% and Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership will hold 6.4%. The deal values NIO Power at roughly 3.0 billion Singapore dollars post-money.

The Geely subsidiary’s stake could fall to not less than 20% if certain operational targets are missed. It also holds an option to invest an additional 121 million Singapore dollars within two years, potentially increasing its holding to 34.0% and reducing NIO China’s interest to 60.0%, before any adjustments.

Separately, NIO China will acquire a 10.0% stake in Zhejiang Haohan Energy Technology Co., Ltd., Geely’s charging-business arm, by subscribing for new shares; Haohan Energy will use the proceeds to buy selected charging assets from NIO.

Both groups are also planning to deploy NIO’s battery-swapping technology across Geely’s consumer and commercial vehicle models, subject to further agreements and regulatory approvals.

NIO said the partnership is expected to accelerate adoption of battery-swapping services and enhance the electric-vehicle user experience.