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.

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