NIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

Sept 28 : Chinese electric vehicle maker NIO said on Monday it entered into definitive agreements with subsidiaries of Zhejiang Geely Holding Group in connection with a transaction involving their battery-swapping and charging businesses.

Under the deal, a Geely subsidiary will invest 640 million yuan in cash and contribute its battery-swapping business to acquire a stake in NIO Power, NIO's battery-swapping and charging unit.

The transaction values NIO Power at a post-money valuation of about 16 billion yuan ($2.38 billion).

($1 = 6.7128 Chinese yuan)

Newsletter

Week in Review

Subscribe to our Chief Editor’s Week in Review

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here