NIO Holding Co., Ltd. and Zhejiang Geely Holding Group Co., Ltd. today formally entered into a strategic cooperation on battery charging and swapping in Hangzhou. Unlike the typical simple technical cooperation and co-branding activities between automakers, this collaboration involves genuine cross-shareholding, asset integration, standard unification, and network sharing—a truly comprehensive deep binding spanning business, assets, and operations.
According to the relevant cooperation agreement, Geely Holding Group will invest in NIO Power using its 100% equity in YiYi Interconnect plus 640 million yuan in cash. Upon completion of the transaction, Geely Holding Group will hold a 30% stake in NIO Power, and YiYi Interconnect's battery swapping business for commercial vehicles will be merged into NIO Power. NIO Power will continue to enhance the operation of its battery swapping network for commercial vehicles, empowering YiYi Interconnect's commercial vehicle business. Both parties will adopt unified battery swapping technology and standards for consumer-facing vehicles. Geely Holding Group will develop consumer-facing swap-capable vehicle models, and NIO Power will provide battery swapping technology and services for Geely Holding Group's consumer-facing models.
In the smart charging sector, NIO will invest in Haohan Energy, a subsidiary of Geely Holding Group. Upon completion of the transaction, NIO will hold a 10% stake in Haohan Energy, and the two parties' charging resources will be fully interconnected, jointly enhancing the coverage and operational efficiency of their charging networks.
According to the introduction, in recent years, China's new energy vehicle market has experienced rapid growth, but the energy replenishment sector has long been trapped in disorderly competition, with station resources not interconnected, leading to massive redundant infrastructure construction. NIO states that this deep integration between the two parties fundamentally resolves this pain point by eliminating ineffective investment through asset consolidation, standard unification, and resource sharing.
Of course, this synergy is not about abandoning market competition, but rather redirecting industry competition away from inefficient infrastructure involution back onto a healthy track focused on vehicle products, intelligent experiences, user services, and core technologies—making industry development healthier and more sustainable.
From a deeper industrial perspective, the collaborative practice between NIO and Geely Holding proves that a mature battery swapping network possesses strong openness and compatibility, capable of accommodating multi-brand vehicle models and covering all scenarios for both consumer-facing and business-facing mobility. For users, this strategic cooperation is not merely an industrial-level asset and capital integration, but a major benefit brought by the continuous expansion of the battery swapping network and continuously enhanced service capabilities.
First, after Geely's commercial vehicle battery swapping business is merged into NIO Power, it will adopt an independent swapping system that will not interfere with the swapping experience of existing consumer-facing users. The commercial mobility market is one of the markets with the greatest potential for scaled battery swapping development, and battery swapping is the best energy replenishment method for new energy commercial vehicles. Battery swapping can significantly shorten charging time, allowing drivers more time for operations and increased earnings. Geely has explored the commercial mobility sector for many years, deploying commercial vehicle battery swapping stations in major cities across the country, serving a leading battery swapping fleet in China over the long term, and accumulating rich experience in high-frequency battery swapping, vehicle operations, and battery and asset management. This has strong synergistic and complementary relationships with NIO's long-accumulated user service capabilities and nationwide distributed battery swapping network. The consumer-facing market provides a broad user base, while the commercial market provides high-frequency and stable demand. Deep synergy between the two types of business will further leverage economies of scale in procurement, construction, operations, and technological iteration, improve asset and operational efficiency, and continuously increase operating revenue.
Steady growth in operating income can provide sufficient support for new station deployment, station density enhancement, equipment iteration, and operation and maintenance upgrades, making the battery swapping network increasingly dense, operations increasingly stable, and technology continuously iterating and upgrading, forming a positive cycle of "scenario expansion—revenue growth—network improvement—experience upgrade."
NIO states that, relying on the synergy between both parties, NIO Power has stronger confidence to advance battery swapping station expansion and is confident in completing the construction target of a cumulative 10,000 battery swapping stations by 2030. Whether it is daily energy replenishment services for consumer-facing users or high-frequency energy replenishment needs for business-facing users, the long-term battery swapping experience will only get better and better.
At the same time, NIO's investment in Geely's Haohan Energy to achieve interconnection of charging resources is also enhancing the long-term energy replenishment experience for users of both parties.
Additionally, a scaled battery swapping network also carries important social energy value. Battery swapping stations across the country can serve as adjustable load resources for the power grid, optimizing operating costs by leveraging peak-valley electricity price differences, while also participating in grid peak shaving and frequency regulation, connecting to the virtual power plant system, and bridging transportation energy with the national new power system—balancing user vehicle value, corporate commercial value, and social energy value.
According to estimates, by 2030, the electricity demand of NIO's battery swapping network will exceed 10 billion kilowatt-hours, and the commercial and social value of battery swapping stations as new energy infrastructure will become increasingly apparent.
As of September 27, 2026, NIO has invested over 20 billion yuan cumulatively in battery charging and swapping technology and infrastructure, building 9,433 charging and swapping stations nationwide, including 4,126 battery swapping stations, 5,307 charging stations, and 30,598 charging piles; highway battery swapping stations have reached 1,062, connecting 9 vertical and 11 horizontal corridors across 16 major city clusters and linking more than 550 cities nationwide. The nationwide charging and swapping network has cumulatively provided over 120 million battery swapping services and over 200 million charging and swapping services in total.
Geely Holding Group CEO An Conghui stated: "The high-quality development of the automotive industry is not about simply pursuing production and sales scale expansion; the core lies in strengthening and complementing the supply chain, improving quality and efficiency, being safe and green, and pursuing open and mutual growth. The energy replenishment network is public infrastructure for the whole society and should be co-built, shared, and interconnected, with users being the biggest beneficiaries. Geely Holding Group has long been deeply engaged in innovation of the three core electric technologies for new energy vehicles, building a full-scenario energy replenishment system driven by both charging and battery swapping. This cooperation is a pragmatic measure by both parties to practice the high-quality development of China's intelligent connected new energy vehicles. Geely Holding Group will, with an open attitude and long-term commitment, work with industry partners including NIO to weave this energy replenishment network more densely, more solidly, and more safely, making user travel more reassuring and more relaxed."
NIO Founder, Chairman, and CEO William Li stated: "Over the past decade, continuous innovation breakthroughs have driven China's smart electric vehicles to achieve leapfrog development. Today, China's automotive industry must not only continue to enhance innovation capability but also improve innovation efficiency. This cooperation, through deep synergy at the levels of technology, standards, operations, assets, and capital, connects the resources and capabilities that both parties have accumulated over the long term in the charging and swapping sector. It is an important exploration and innovative attempt by Chinese automotive companies to break free from involution, build an open, cooperative, mutually beneficial industrial ecosystem, and jointly pursue high-quality development. The cooperation between NIO and Geely in the charging and swapping sector is an open platform for the industry. We welcome and look forward to more peers joining us to provide users with a better charging experience and jointly promote the low-carbon green energy transition, co-creating a sustainable and better future."