Geely invests Rp1.7 trillion in NIO battery swapping partnership

Zhejiang Geely Holding Group (ZGH) and NIO Holding Co., Ltd. are strengthening their partnership in the electric vehicle (EV) charging and battery swapping sectors. Geely has committed an investment of 640 million yuan, approximately Rp1.7 trillion, to support this collaboration.

The partnership aims to develop integrated battery swapping standards and technology for passenger vehicle models. Under this arrangement, Geely Holding Group will develop passenger vehicles that support battery swapping systems, while NIO Power will provide the necessary services for those models.

Andy An Conghui, CEO of Zhejiang Geely Holding Group, emphasized the need for a reliable, efficient, and environmentally friendly supply chain. He noted that charging networks should function as public infrastructure that is built collectively, used openly, and interconnected across systems to maximize value for users.

Additionally, NIO Power plans to optimize its battery swapping network to support commercial fleets and the development of Yiyi Power's commercial mobility business. NIO Chairman and CEO William Li highlighted that the collaboration combines the long-standing strengths of both companies to drive innovation and efficiency in the smart EV industry.