Geely takes 30% of NIO Power and NIO 10% of Haohan Energy

Geely takes 30% of NIO Power and NIO 10% of Haohan Energy

28 September 2026: NIO and Zhejiang Geely Holding Group have agreed to invest in each other's charging and battery swapping businesses, and to share technology, standards and a service network. Geely Holding Group will end up with 30% of NIO Power, and NIO with 10% of Geely's charging arm, Haohan Energy.

Not yet independently verified. The terms come from NIO's own release. The stakes are described as held "upon completion of the transaction", and no closing date or approvals are given. We will update this when it can be confirmed, and remove this note.

How the stakes are built

Geely Holding Group will pay for its NIO Power stake with two things: its entire equity interest in Yiyi Power, a Geely subsidiary, and RMB 640 million in cash. When the deal completes, Geely will hold 30% of NIO Power. Yiyi Power's battery swapping business for commercial mobility services will then be folded into NIO Power.

In the other direction, NIO will invest in Haohan Energy and hold a 10% stake once the transaction closes. The agreement documents were exchanged in Hangzhou by Stanley Qu, NIO's chief financial officer and head of NIO Power, and Ron Dai Qing, rotating president of Geely Holding Group.

One swapping standard for consumer cars

NIO Power will keep optimising its swapping network for commercial fleets, which supports Yiyi Power's commercial mobility business. For private cars, the two sides will develop unified swapping technologies and standards. Geely Holding Group will build consumer vehicles that can swap batteries, and NIO Power will provide the swapping service for them.

Charging networks to be joined

On charging, the two companies will fully connect their infrastructure, with the stated aim of widening coverage and making each network run more efficiently. Haohan Energy has deployed 2,500 charging stations with more than 12,000 connectors across 232 cities in China. Geely says it launched next-generation AI-powered charging technology on 23 September 2026, and plans more than 22,000 stations and 100,000 connectors by the end of 2027, with the goal of covering every county-level city in China.

The two networks in numbers

NIO states that as of 27 September 2026 it had invested more than RMB 20 billion in charging and swapping. Its network has 9,433 stations: 4,126 Power Swap Stations and 5,307 charging stations with 30,598 charging piles. It reports more than 220 million services to date, made up of over 125 million battery swaps and over 99 million charging sessions. NIO Power aims for 10,000 swap stations by 2030 and expects network electricity demand above 10 billion kWh a year by then.

Geely's side includes Yiyi Power, which the release says is expanding into mobility hubs and automated battery swapping for robotaxis.

Industry policy and an open invitation

Both companies tie the deal to the 15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry and to curbing what the release calls involution-style competition.

William Li, founder, chairman and chief executive of NIO, said: "The collaboration between NIO and Geely in charging and battery swapping is open to the broader industry." Andy An Conghui, chief executive of Geely Holding Group, said recharging networks are public infrastructure that should be built together and connected across networks.

No financial terms beyond the RMB 640 million are given, nor a valuation for either business.

Company profile on TrustList: NIO

Company profile on TrustList: Zhejiang Geely Holding Group

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Sources

• NIO: NIO and Geely Enter into Comprehensive Strategic Partnership in Charging and Battery Swapping, 28 September 2026