NIO has signed definitive agreements to sell a 30% stake in its battery swap and charging unit, NIO Power, to a subsidiary of Geely Holding. The transaction, announced on Sunday, puts a post-money valuation of about RMB16 billion ($2.4 billion) on the business.
NIO Power is the division responsible for running NIO's network of battery swap stations and chargers. The investment gives Geely, one of China's largest automakers, a direct foothold in that infrastructure.
The report is based on a single source, so there are no differing accounts to compare. The announcement does not specify how the two companies will cooperate operationally beyond the ownership change, nor does it detail the exact amount Geely will pay for the stake.