Geely-NIO Charging Deal Expands Battery-Swapping Network

On September 28, Geely-NIO charging deal plans brought the two companies into comprehensive strategic cooperation covering charging and battery swapping. Geely Holding Group and NIO Holding Co Ltd agreed to cooperate across technology, operations and capital. The companies will jointly invest in entities operating their respective charging and battery-swapping businesses, share related technologies and standards, and build a connected charging and battery-swapping service network. The agreement also establishes equity investments in their charging and battery-swapping businesses, creating a broader framework for cooperation between the two companies across energy infrastructure and vehicle services.

Charging Network Cooperation

Under the smart-charging portion of the agreement, NIO Holding will subscribe in cash for newly issued shares in Zhejiang Haohan Energy Technology Co., Ltd., a subsidiary of Geely Holding Group. After completion, NIO Holding will own 10% of Haohan Energy. The companies will connect their charging resources and work together to improve charging-network coverage and operating efficiency. Haohan Energy currently operates more than 2,500 charging stations and over 12,000 charging guns across 232 cities in China, providing the infrastructure base for the planned expansion of Geely's smart-charging network.

Battery-Swapping Investment Structure

For battery swapping, Geely Holding Group will subscribe for newly issued shares in NIO Energy Investment (Hubei) Co., Ltd. through its 100% equity interest in Yiyi Internet Technology Co., Ltd., together with CNY 640 million in cash. Following completion, Geely Holding Group will own 30% of NIO Energy, while NIO Holding will retain a controlling 63.6% stake and another existing investor will hold 6.4%. The transaction gives NIO Energy a post-money valuation of approximately CNY 16 billion. This structure combines Geely's commercial-vehicle battery-swapping operations with NIO's established battery-swapping business.

Commercial Vehicle Battery Swapping

Yiyi Power's battery-swapping business for commercial vehicles will be integrated into NIO Energy. The combined operation will continue developing and operating battery-swapping infrastructure for commercial mobility while supporting Yiyi Power's commercial mobility business. The companies will also jointly develop unified battery-swapping technologies and standards for consumer-facing vehicles. Geely Holding Group will develop consumer-facing battery-swappable vehicle models, while NIO Energy will provide battery-swapping services for those models. The arrangement therefore links vehicle development with the supporting energy-service network across both commercial and consumer applications.

NIO Battery-Swapping Expansion

As of September 27, 2026, NIO had invested more than CNY 20 billion in charging and battery-swapping technologies and infrastructure. Its network included 9,433 charging and battery-swapping stations nationwide, comprising 4,126 battery-swapping stations and 5,307 charging stations, along with 30,598 chargers. NIO had provided more than 220 million charging and battery-swapping sessions, including more than 125 million battery swaps and more than 99 million charging sessions. NIO Energy plans to reach a cumulative total of 10,000 battery-swapping stations by 2030, with the network expected to require more than 10 billion kWh of annual electricity at that scale.

Geely Smart Charging Expansion

Geely unveiled its next-generation AI Smart Charging technology on September 23 as it expands its charging infrastructure. By the end of 2027, Geely plans to build more than 22,000 charging stations and over 100,000 charging guns nationwide. The target includes more than 15,000 Geely Smart Charging stations and over 50,000 Smart Charging guns, with the company aiming to achieve full coverage of county-level cities nationwide ahead of schedule. Separately, Yiyi Power is expanding into Green Smart Mobility Islands, Robotaxi automated battery swapping, and smart transportation-energy connectivity, broadening the applications associated with its battery-swapping business.

Industry Impact & Outlook

The cooperation links two large charging and battery-swapping infrastructure programs and could improve interoperability, network utilization and technology standardization across Geely and NIO services. The investment structure also gives Geely a direct stake in NIO Energy while bringing Yiyi Power's commercial-vehicle swapping operations into the NIO Energy platform. For consumers and commercial operators, the practical significance will depend on how quickly compatible vehicles, shared standards and connected networks are deployed. The planned expansion to 10,000 NIO battery-swapping stations by 2030 and Geely's more than 22,000 charging-station target by 2027 provide defined infrastructure milestones for the companies' next stages of development.

Frequently Asked Questions

What does the Geely-NIO charging deal cover?
The agreement covers charging and battery swapping across technology, operations, capital investment, infrastructure and shared standards. NIO Holding will acquire a 10% stake in Haohan Energy, while Geely Holding Group will acquire a 30% stake in NIO Energy. The companies also plan to connect charging resources, integrate Yiyi Power's commercial-vehicle battery-swapping business into NIO Energy, develop unified battery-swapping technologies for consumer vehicles, and build a broader charging and battery-swapping service network. NIO Energy targets 10,000 battery-swapping stations by 2030, while Geely targets more than 22,000 charging stations by the end of 2027.