Geely and NIO have outlined a partnership centred on battery swapping and charging in China, with Geely set to take a 30% stake in NIO’s NIO Power unit. The arrangement combines a transfer of Geely’s battery-swapping subsidiary, Yiyi Power, with a 640 million yuan contribution.
Geely to transfer Yiyi Power stake
Under the proposed transaction, Geely will transfer its 100% equity interest in Yiyi Power, its battery-swapping subsidiary, to NIO Power. Geely will also provide 640 million yuan as part of the arrangement.
In return, Geely will hold a 30% stake in NIO Power, the NIO unit focused on battery swapping and charging. NIO will retain the remaining interest in the business.
The deal places Geely’s existing battery-swapping operation alongside NIO Power rather than leaving the two companies to operate entirely separate structures. It also gives Geely a direct minority position in a NIO business that covers both battery-swapping and charging activities.
A shared structure for swapping and charging
The companies’ agreement is focused on building a Chinese battery-swapping network. The transaction structure suggests that NIO Power will become the platform through which the partners combine assets and capital related to this part of their EV infrastructure activities.
Geely’s decision to contribute both its full Yiyi Power holding and additional funding is significant because it goes beyond a conventional commercial co-operation agreement. The company is exchanging ownership of its subsidiary and supplying capital for an equity position in NIO Power.
For NIO, the deal brings Yiyi Power into its power and charging business while retaining control of NIO Power. The terms disclosed indicate that NIO would continue as the majority owner, while Geely becomes a strategic minority shareholder with a 30% stake.
No further details were disclosed on the timing of the transaction, the value assigned to Yiyi Power, future deployment targets, the number of sites involved or how the partners will divide operational responsibilities. There was also no information on whether the planned network would be limited to particular vehicle brands or regions.
Strategic implications for China’s EV infrastructure sector
The partnership highlights how battery swapping and charging infrastructure can become a strategic area for vehicle manufacturers, rather than solely an external service purchased from independent providers. In this case, Geely is moving from full ownership of Yiyi Power to a minority interest in a larger jointly aligned infrastructure business.
The disclosed ownership split is 70% for NIO and 30% for Geely, based on Geely taking a 30% stake in NIO Power. That gives NIO majority ownership while linking Geely financially to the future performance and development of NIO Power.
For the wider automotive industry, the announcement is notable because it ties together two Chinese carmakers through a dedicated infrastructure transaction. Rather than simply announcing compatibility or charging access, the companies have set out a structure involving subsidiary ownership, new capital and shared equity in the operating unit.
Whether the partnership translates into a larger or faster-growing battery-swapping footprint will depend on further implementation details that have not yet been disclosed. What is confirmed is that Geely plans to transfer Yiyi Power and 640 million yuan in exchange for a 30% holding in NIO Power, creating a formal link between the companies’ battery-swapping and charging operations in China.
