NIO and Geely Holding Group have signed a broad agreement to connect and expand their electric-vehicle charging and battery-swapping businesses in China. The arrangement includes cross-investments, shared infrastructure, common technology and standards, and cooperation on operations, with the companies aiming to make their respective energy networks more accessible to EV users.
Geely to acquire 30% of NIO Power
Under the agreement, Geely Holding will take a 30% stake in NIO Power, NIO’s charging and battery-swapping business. The investment will consist of Geely’s wholly owned Yiyi Power business and RMB 640 million in cash, equivalent to about $90 million.
Yiyi Power’s battery-swapping operations for commercial mobility services will be incorporated into NIO Power once the transaction is completed. NIO said it will continue building battery-swapping services for commercial fleets while supporting the expansion of Yiyi Power’s mobility activities.
The two groups also intend to establish unified battery-swapping technologies and standards for passenger vehicles. Geely is expected to develop consumer EVs capable of using battery swapping, while NIO Power will provide the associated swapping services.
For Geely, compatibility with NIO’s system could offer access to one of China’s largest established swapping networks. For NIO, the partnership could broaden the number of vehicle brands able to use its infrastructure and potentially improve the utilisation of its stations.
NIO will invest in Geely charging subsidiary
The transaction runs in both directions. NIO will acquire a 10% interest in Haohan Energy, Geely Holding’s smart-charging subsidiary, following completion of the deal.
Haohan Energy and NIO Power plan to link their charging networks and extend coverage. The companies expect the shared approach to raise infrastructure utilisation and operating efficiency while giving drivers access to more charging locations.
The agreement reflects a growing interest in China’s EV sector in reducing duplicated infrastructure investment. Rather than maintaining entirely separate brand-led networks, automakers are increasingly considering interconnected charging assets, common technical standards and shared operating models.
NIO founder, chairman and CEO William Li said the cooperation was intended to extend beyond conventional competition and cover technology, standards, operations, assets and capital. Geely Holding Group CEO Andy An Conghui likewise presented charging networks as infrastructure that can be shared across a broader user base.
Large networks and ambitious expansion targets
NIO said it has invested more than RMB 20 billion in charging and battery-swapping technology and infrastructure. As of September 27, 2026, its Chinese network comprised 9,433 charging and battery-swapping stations: 4,126 Power Swap Stations and 5,307 charging stations containing 30,598 charging piles.
According to NIO, the network had delivered more than 220 million charging and battery-swapping services, including over 125 million battery swaps and more than 99 million charging sessions. The company is targeting 10,000 Power Swap Stations by 2030 and expects annual electricity demand across the network eventually to exceed 10 billion kWh.
Geely is also expanding quickly. Haohan Energy operates 2,500 charging stations with more than 12,000 charging connectors in 232 Chinese cities. Geely expects to exceed 22,000 stations and 100,000 connectors by the end of 2027, including more than 15,000 smart charging stations with over 50,000 smart charging connectors.
Geely introduced a next-generation AI-powered charging technology on September 23, 2026, designed to improve charging speed and safety. Through Yiyi Power, it is also developing battery-swapping applications for green mobility hubs, robotaxis and integrated transport-and-energy systems.
Potential boost for interoperable battery swapping
The most significant strategic element of the agreement may be the effort to make battery swapping available beyond a single vehicle maker’s products. Battery-swapping systems have traditionally depended on close compatibility between vehicles, battery packs and station hardware.
If NIO and Geely successfully implement common standards and connect their networks, the alliance could provide a model for wider interoperability in China’s EV infrastructure market. The immediate outcome for drivers would depend on the rollout of compatible Geely passenger vehicles and the completion of the planned network integration.