Chinese automakers Geely and Nio have deepened their battery-swap alliance with a cross-shareholding deal that binds their charging and swapping businesses together. Under the agreement announced on September 28, Geely will inject its wholly-owned swap-network unit Yiyi Huaneng (Easy Swap) plus 640 million yuan (about $90 million) into Nio Energy, in return for a 30% stake. Nio, in turn, will take a 10% stake in Geely's charging arm Haohan Energy, according to the announcement and a filing by Nio with the Hong Kong Stock Exchange.
The deal follows a framework agreement signed in 2023 and nearly three years of negotiations. After completion, Nio China will retain a 63.6% controlling stake in Nio Energy, which has a post-investment valuation of about 16 billion yuan (roughly $2.25 billion). The agreement includes performance targets: if business synergies and market expansion meet expectations, Geely can invest an additional 640 million yuan to raise its stake to 34%; if results disappoint, its holding could fall to 20% or more.
Two networks, two customer groups
Nio Chairman William Li said the company will operate two independent swap networks after the transaction closes. One will serve private customers, led by Nio Energy, with Geely's future consumer-oriented swap-capable models joining that network under a unified technical standard. The other will target commercial vehicles, built on Easy Swap's existing operations and covering Geely's Cao Cao Mobility ride-hailing fleet and future robotaxis.
Nio brings deep experience in private-car swapping, having completed more than 125 million swaps, while Easy Swap has honed operations in high-intensity scenarios like ride-hailing and taxis. Nio has built 4,126 swap stations nationwide, and Easy Swap had deployed over 470 stations across more than 40 cities as of April 2025, with plans to reach 2,000 by 2027.
Geely CEO An Conghui said the company will accelerate development of swap-capable models and expand commercial scenarios through Cao Cao's large fleet. Nio President Qin Lihong estimated that integrating the two B2B swap businesses could lift revenue per station by 15% to 20% and cut operating costs by up to 40%.
Flash charging raises the stakes
The tie-up comes as ultra-fast charging, dubbed the 'flash charging era' in 2026, threatens to erode swapping's core advantage of being faster than refueling. BYD has deployed 11,586 flash-charging stations across 341 cities, with 2,000 highway stations completed before the National Day holiday, and plans to reach 90,000 stations within two years. Its single-gun power reaches 1,500 kW, charging from 10% to 70% in five minutes. Battery maker CATL unveiled its third-generation Shenxing ultra-fast-charging battery in April, reaching 10% to 80% in 3 minutes 44 seconds, while Sunwoda launched a 15C flash-charging system in September.
As charging approaches the five-minute psychological threshold, swapping's differentiation fades. Nio has invested over 20 billion yuan (about $2.8 billion) in its network since 2017 and now operates 9,433 charging and swapping stations, including 5,307 charging stations with more than 30,000 chargers. The company plans to have 10,000 swap stations by 2030, with annual electricity demand exceeding 10 billion kWh, and sees stations as grid-balancing assets that could generate new revenue.
Technical hurdles remain. Geely and Nio use different battery pack specifications and interface standards, and adapting Geely's models to Nio's stations will require significant engineering work. Operating two networks under one entity also stretches R&D, supply chain, and staffing resources. The deeper question is whether swapping can be profitable: it depends on high utilization and manageable battery costs, and multi-brand integration complicates battery asset management. How much Geely will commit its future battery specs to Nio's standard under the new shareholding structure remains to be seen, according to the report in Huxiu.
