NIO sells 30% of battery swap unit to Geely at more than $2 billion
NIO has sold a 30% stake in its battery swap unit, NIO Power, to Geely Holding at a valuation of over $2.4 billion. The deal includes a contribution of Geely's commercial battery swap business and $94 million in cash. NIO will also take a 10% stake in Geely's charging arm, Zhejiang Haohan Energy Technology, in a parallel deal.