Nio announces strategic agreements with Geely Holding Group for battery swapping
Geely Holding Group subsidiary will subscribe to Nio Power equity with Rmb640 million cash. Nio Power is valued at about Rmb16 billion post-money.
Sept 28 (Reuters) - NIO Inc said it has announced strategic agreements with Geely Holding Group on battery swapping. Under the deal, a Geely Holding Group subsidiary will subscribe for equity in Nio Power with Rmb640 million in cash. Geely Holding Group's equity in Nio Power is subject to post-closing adjustments, with a minimum 20% stake. The transaction values Nio Power at a post-money valuation of about Rmb16 billion.
HK.