- Geely Holding Group will acquire 30% of Nio Power, Nio's battery-swapping unit, using cash and its own battery-swapping assets.
- The transaction deepens the partnership between two Chinese automakers as they seek an edge in the crowded EV market.
Quotes
“Chinese auto giant Geely Holding Group will acquire a 30% stake in peer Nio's battery-swapping unit Nio Power.”
“Chinese carmaker Geely will use cash and its own battery-swapping assets to buy 30% of Nio Power.”