Nio and Geely Holding have announced a comprehensive strategic partnership covering battery swap and charging infrastructure, pooling technology, operations and capital to build a shared refuelling network for electric vehicles in China. The agreement, reported by PCauto, marks one of the most significant tie-ups yet between two major Chinese carmakers in the charging and swapping space.
Under the deal, Geely will inject its wholly owned battery-swap subsidiary Yiyi Huanlian into Nio's energy business, Nio Energy, along with 640 million yuan (about $90 million) in cash. In return, Geely will hold a 30% stake in Nio Energy. The commercial-vehicle swap operations previously run by Yiyi Huanlian will be folded into Nio Energy, which will take over optimising the network's efficiency and provide technical and operational support for the existing business.
The two companies also plan to develop a unified battery-swap technology standard for passenger cars. Geely will develop models aimed at individual consumers that are compatible with Nio's swap stations, with the charging and swapping services provided by Nio Energy. Nio has said it aims to have 10,000 swap stations built by 2030, at which point it expects the network's annual electricity demand to exceed 10 billion kilowatt-hours.
Charging networks to be interconnected
On the charging side, Nio will take a 10% stake in Geely's Haohan Energy, the charging arm of Geely Holding. The two companies' charging resources will be fully interconnected, with the aim of increasing the density and efficiency of the network. Geely has set a target of more than 22,000 charging stations and 100,000 charging guns by the end of 2027, including more than 15,000 Geely-branded smart charging stations and 50,000 smart charging guns, with the goal of covering county-level cities across China first.
The partnership is framed by both companies as a response to Beijing's 15th five-year plan for intelligent connected new-energy vehicles, and as a move against the so-called "involution" - the intense, often wasteful competition that has characterised China's EV market. By pooling resources, the two groups say they can improve efficiency in allocating resources across the industry and deliver a better charging experience for users.
Battery swap has long been a signature feature of Nio, which operates the largest swap network in China. The technology allows drivers to exchange a depleted battery for a fully charged one in a few minutes, rather than waiting for a charge. For Geely, the deal gives it access to that network and technology without having to build its own from scratch.
The agreement is the latest example of consolidation in China's EV infrastructure sector, where companies have increasingly chosen to cooperate rather than compete head-on. It also reflects a broader push by Chinese regulators to reduce redundant investment and encourage open collaboration across the industry.
