Geely Holding Group and NIO Deepen Strategic Cooperation in Battery Swapping and Charging

HANGZHOU, China, September 28, 2026 — Zhejiang Geely Holding Group Co., Ltd. (ZGH) and NIO Holding Co., Ltd. (NIO) have entered into a comprehensive strategic cooperation in charging and battery 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 builds on the battery-swapping cooperation established by Geely Holding Group and NIO in 2023, expanding collaboration into network, asset and operating integration.

Under the agreement, ZGH will invest in NIO Power through a combination of its 100% equity interest in Yiyi Internet Technology Co., Ltd. (Yiyi Power), a subsidiary of ZGH, and RMB 640 million in cash. Upon completion of the transaction, ZGH will hold a 30% stake in 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. 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.

In the smart-charging business, NIO will invest in Zhejiang Haohan Energy Technology Co., Ltd. (Haohan Energy), a subsidiary of ZGH. Upon completion of the transaction, NIO will hold a 10% equity stake in Haohan Energy, and the two sides will fully connect their charging infrastructure, jointly expanding coverage and improving the operational efficiency of their charging networks.

Andy AN Conghui, CEO of ZGH, said: “High-quality development of the automotive industry is not about scale alone. It calls for more resilient supply chains, higher quality and greater efficiency, safer and greener development, and a more open and collaborative ecosystem. Recharging networks are public infrastructure that serve society as a whole. They should be built together, shared openly, and connected across networks, so that users ultimately benefit the most.”

William Li, Founder, Chairman and CEO of NIO, said: “Over the past decade, China’s smart EV industry has made remarkable progress, driven by rapid advances in technology and continued innovation. Looking ahead, the industry needs not only to keep innovating, but also to become more efficient at turning innovation into value. This partnership brings together the strengths the two sides have built over the years, with closer collaboration across technology, standards, operations, assets, and capital.”