Chinese EV giants Geely and Nio have signed a strategic alliance to connect their battery-swapping and smart-charging networks. Announced on September 28, 2026, the agreement combines cross-equity investments, technology cooperation, and plans for unified standards. The Geely and Nio strike major deal comes as automakers seek lower infrastructure costs, faster charging solutions and reduced range anxiety. The companies also plan compatible vehicles and an open ecosystem for China’s EV market.
Geely is buying 30% of Nio Power for RMB640 million in cash plus its entire Yiyi Power commercial battery-swapping business. Nio is taking a 10% stake in Geely’s Haohan Energy. The companies will connect networks and develop common swapping standards.
Cross-Equity Deal Aligns Both Businesses
Under the agreement, Zhejiang Geely Holding Group will acquire 30% of Nio Power. Geely will provide RMB640 million ($95 million) in cash and transfer 100% of Yiyi Power, its commercial battery-swapping subsidiary, to Nio Power.
Yiyi Power’s commercial-fleet operations will therefore become part of Nio Power. Geely also has a two-year option to invest another RMB640 million, potentially raising its stake to 34%. Nio will retain 63.6%, while Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership will hold 6.4%.
At the same time, Nio will acquire a 10% equity stake in Geely’s smart-charging subsidiary, Haohan Energy. The cross-investment aligns both companies around shared energy infrastructure for drivers and fleets across China’s EV market.
Battery Swapping and Charging Networks to Connect
Nio Power currently operates more than 4,100 battery-swap stations, with autonomous battery replacement taking about three minutes. Its target is 10,000 stations by 2030, with demand exceeding 10 billion kWh annually.
Geely plans to expand Haohan Energy to 22,000 charging stations with more than 100,000 connectors by the end of 2027. Its network is supported by ultra-fast charging technology capable of charging in around four minutes.
Geely and Nio strike a major deal that will allow Geely to adopt Nio’s battery-swapping technology and services across consumer and commercial vehicles. Geely plans compatible vehicles, while Nio users gain access to Geely’s charging network.
Unified Standards Could Open EV Infrastructure
A central goal is developing unified battery-swapping protocols and compatible vehicle models. This could improve interoperability between EV brands and reduce infrastructure fragmentation.
Nio CEO William Li said the infrastructure model is intended to remain open, with other domestic and international automakers invited to participate. The Geely and Nio strike a major deal; therefore, it extends beyond a bilateral investment, potentially creating a broader industry coalition around shared energy infrastructure.
Rivalry Intensifies Across China’s EV Market
The agreement comes as China’s EV market focuses increasingly on infrastructure scale and convenience. Shared networks could lower capital costs while giving consumers more energy options.
The partnership adds pressure to rivals such as BYD, which is expanding its fast-charging network. For Geely and Nio, the Geely and Nio strike a major deal that combines capital, technology, and network access.
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