NIO sells 30% of battery swap unit to Geely at more than $2 billion

How 1 sources are covering this

• ElectrekLean L·2h ago

  NIO sells 30% of battery swap unit to Geely at more than $2 billion

  Geely is buying into NIO’s battery swap network. NIO announced definitive agreements on Sunday that hand a Geely Holding subsidiary 30% of NIO Power, the unit running its swap stations and chargers, at a post-money valuation of about RMB16 billion ($2.4 billion). Most of what Geely is paying isn’t cash. It’s contributing its own commercial battery swap business plus RMB640 million ($94 million), while NIO takes 10% of Geely’s charging arm in a parallel deal. more…

  Read at Electrek →