Business & Finance
NIO agrees to sell 30% battery swap stake to Geely
Electrek reports that NIO agreed to sell a stake in its NIO Power unit to Geely at a $2.4 billion valuation.
The short version
- NIO reached definitive agreements to sell a 30% stake in its NIO Power unit to a subsidiary of Geely Holding, valuing the battery swap arm at roughly 16 billion yuan ($2.4 billion).[Electrek]
- Geely will contribute its commercial battery swap operator Yiyi Internet Technology along with 640 million yuan in cash, and NIO will acquire a 10% stake in Geely's charging arm, Zhejiang Haohan Energy Technology.[Electrek]
- Following the transaction, NIO China will retain 63.6% ownership of NIO Power, Geely will hold 30%, and the Wuhan Guangchuang venture fund will retain 6.4%.[Electrek]
- The agreements remain subject to regulatory approval, and Geely's final stake could be adjusted based on post-closing performance targets.[Electrek]
Key facts
- NIO reached definitive agreements to sell 30% of NIO Power to a Geely Holding subsidiary at a post-money valuation of about RMB16 billion ($2.4 billion).[Electrek]
- Geely will contribute 100% of Yiyi Internet Technology plus RMB640 million in cash.[Electrek]
- NIO China will take a 10% stake in Geely's charging entity Zhejiang Haohan Energy Technology, which will purchase selected charging assets from NIO.[Electrek]
- Post-closing ownership of NIO Power is set at 63.6% for NIO China, 30% for Geely, and 6.4% for Wuhan Guangchuang.[Electrek]
- Geely holds an option to invest an additional RMB640 million within two years, which would increase its stake to 34% and reduce NIO's holding to 60%.[Electrek]
What remains uncertain
- Both transactions rely on obtaining pending regulatory approval.[Electrek]
- Geely's ultimate stake in NIO Power can be reduced down to a 20% floor if performance milestones are not met.[Electrek]
- CATL was previously announced as advancing an investment capped at RMB2.5 billion in NIO Power, but does not appear in the post-deal ownership breakdown.[Electrek]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.