NIO inks battery-swapping deal with Geely, values unit at $2.38 billion
Geely subsidiary to invest 640 million yuan and contribute its battery-swapping business for a stake in NIO Power.
Sept. 28 — Chinese electric vehicle maker NIO said on Monday it signed definitive agreements with subsidiaries of Zhejiang Geely Holding Group involving their battery-swapping and charging businesses. Under the deal, a Geely subsidiary will invest 640 million yuan in cash and add its battery-swapping business in exchange for a stake in NIO Power, NIO’s battery-swapping and charging unit. 38 billion.
7128 Chinese yuan)