Geely has acquired a 30% stake in NIO Power, NIO's battery swapping business. The deal is a significant vote of confidence in a technology that has repeatedly struggled to gain traction.
The source notes that battery swapping has been around for more than 14 years. Better Place, the most prominent early attempt, launched and then went bankrupt. Other trials have come and gone quietly.
With Geely's backing, NIO Power may have the scale and capital to overcome the infrastructure hurdles that sank earlier efforts. The investment suggests that major automakers see swapping as a complement to conventional charging, at least in China.