NIO and Geely Enter into Comprehensive Strategic Partnership in Charging and Battery Swapping On September 28, 2026, NIO and Geely Holding Group entered into a comprehensive strategic cooperation in charging and swapping. The two sides have reached broad agreement on cooperation across technology, operations, and capital, and will jointly invest in their charging and battery swapping businesses, share technologies and standards, and develop a shared service network. The partnership marks a new model for open collaboration and mutually beneficial cooperation in China’s automotive industry. Under the agreement, Geely Holding Group will invest in NIO Power through a combination of its 100% equity interest in Yiyi Power, a subsidiary of Geely Holding Group, and RMB 640 million in cash. Upon completion of the transaction, Geely Holding Group will hold a 30% stake in NIO Power. Yiyi Power’s battery swapping business for commercial mobility services will subsequently be integrated into NIO Power. NIO Power will continue to optimize its battery swapping network for commercial fleets, supporting the growth of Yiyi Power’s commercial mobility business. In the meantime, the two sides will co-develop unified battery swapping technologies and standards for consumer-facing vehicle models. Geely Holding Group will develop consumer-facing battery-swappable vehicle models, while NIO Power will provide battery swapping services for these models. This cooperation will also further accelerate the development of NIO’s Power Swap Network. NIO Power aims to have 10,000 Power Swap Stations in operation by 2030, with annual electricity demand across the network expected to exceed 10 billion kWh. As Power Swap Stations become an increasingly important new type of energy infrastructure, their commercial and social value will become more evident. In the smart charging business, NIO will invest in Haohan Energy, a subsidiary of Geely Holding Group. Upon completion of the transaction, NIO will hold a 10% equity stake in Haohan Energy. The two sides will fully connect their charging infrastructure, jointly expanding coverage and improving the operational efficiency of their charging networks. By the end of 2027, Geely plans to build more than 22,000 charging stations with more than 100,000 charging connectors, including more than 15,000 smart charging stations with over 50,000 smart charging connectors, with the goal of being the first in the industry to achieve full coverage of county-level cities in China. This partnership is a concrete step by the two companies to support the goals of the 15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry, address involution-style competition, and improve the allocation of industry resources. It will provide users with a better recharging experience while contributing to China’s green and low-carbon transition. #NIO #BlueSkyComing