120 million battery swaps, and Geely is set to take 30% of Nio's network
About this video
120 million battery swaps. And Geely is set to take 30 percent of Nio Power, the company that runs this Nio network. The deal was announced in late September. In return, Geely hands over its own battery swap business for fleet cars. On top of that, it pays 640 million yuan in cash. The whole of Nio Power was valued at around 16 billion yuan. Why does Nio need a partner? It has already put over 20 billion yuan into charging and swapping, and it is still in the red. In August, a state-owned company took over Nio's first 36 stations in Wuhan. Nio became their operator. The catch: the deal needs regulatory approval, and stations for Geely cars are just a preliminary plan.
Sources
CnEVPost, August 7, 2026 (cnevpost.com) and September 28, 2026 (cnevpost.com), Electrek, September 27, 2026 (electrek.co), CarNewsChina, August 19, 2026 (carnewschina.com), Nio Q2 2026 results release (September 1, 2026)
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