For years, Nio has built and operated China's largest battery-swap network largely on its own, even as rivals signed cooperation agreements to use it. That changed on September 28, when Geely Holding agreed to inject its swap-network subsidiary Yiyi Huaneng and 640 million yuan (about $90 million) into Nio Energy. After the deal, Geely will hold 30% of Nio Energy, while Nio China keeps 63.6%. Nio will also take a 10% stake in Geely's Haohao Energy. The investment values Nio Energy at around 16 billion yuan (about $2.25 billion), according to Chinese media outlet Huxiu.
The deal marks the first time a major automaker has become a shareholder in Nio's swap network, rather than just a partner. Since late 2023, Changan, Geely, Jianghuai, Chery, GAC and FAW have signed swap cooperation agreements with Nio, covering battery standards, network access and vehicle development. But until now, Nio has funded and built the stations itself, keeping ownership and operating responsibility.
Why Geely's stake matters
Geely brings more than cash. Its Yiyi Huaneng unit operates 436 swap stations across 44 cities as of June 2025, serving more than 100,000 swap-enabled vehicles, mostly taxis and ride-hailing cars, with over 45,000 swaps per day. Geely's ride-hailing arm Cao Cao Mobility runs more than 42,000 custom vehicles, all using battery swap, and plans to make its future Robotaxi swap-based as well.
For Nio, the deal adds a high-frequency user base to its network, which currently includes 4,126 stations that have completed over 125 million swaps. The company plans to expand to 10,000 stations by 2030. But the economics are challenging: Nio has invested over 20 billion yuan (about $2.8 billion) in charging and swapping infrastructure, and a station needs roughly 50-60 swaps per day to break even, according to Nio Energy management.
The deal also includes performance milestones. Geely's stake is tied to operational targets; if some are missed, its share could drop to as low as 20%. Geely also has the right to invest an additional 640 million yuan to increase its stake.
A shared infrastructure, or still Nio's?
Both companies say they will jointly develop unified consumer-facing swap technology and standards, and Geely will develop swap-enabled models for retail buyers. But no launch dates or sales targets have been announced. The question remains whether the network can attract enough non-Nio vehicles to become a shared infrastructure, rather than a Nio service with a new shareholder.
Meanwhile, CATL is building its own swap network, with about 2,000 stations in 180 cities as of June. Yet CATL and Nio are not pure rivals—they announced cooperation on swap networks, standards and battery assets in March 2025. The future of battery swap in China is likely to involve both competition and collaboration among automakers, battery makers, ride-hailing platforms and charging operators.
Huxiu notes that the debate over whether swap or ultra-fast charging is superior has become less relevant as Nio has proven the model can scale. The harder task is turning a single company's service into a multi-brand infrastructure. Geely's investment is a step in that direction, but the real test is how many vehicles actually use the stations every day.
