NIO and Geely Enter into Comprehensive Strategic Partnership in Charging and Battery Swapping

September 28, 2026, Hangzhou, China - NIO Holding Co., Ltd. (“NIO”) and Zhejiang Geely Holding Group Co., Ltd. (“Geely Holding Group”) entered into a comprehensive strategic cooperation in charging and battery swapping. The two sides have reached broad agreement on cooperation across technology, operations, and capital, and will jointly invest in their charging and battery swapping businesses, share technologies and standards, and develop a shared service network. The partnership marks a new model for open and mutually beneficial cooperation in China’s automotive industry.

Stanley Qu, CFO of NIO and Head of NIO Power, and Ron DAI Qing, Rotating President of Geely Holding Group, exchanged the agreement documents on behalf of the two sides. William Li, Founder, Chairman, and CEO of NIO, Qin Lihong, Co-Founder and President of NIO, Andy AN Conghui, CEO of Geely Holding Group, and Gan Jiayue, CEO of Geely Automobile Group, witnessed the exchange.

Under the agreement, Geely Holding Group will invest in NIO Power through a combination of its 100% equity interest in Yiyi Power, a subsidiary of Geely Holding Group, and RMB 640 million in cash. Upon completion of the transaction, Geely Holding Group will hold a 30% stake in NIO Power. Yiyi Power’s battery swapping business for commercial mobility services will subsequently be integrated into NIO Power. NIO Power will continue to optimize its battery swapping network for commercial fleets, supporting the growth of Yiyi Power’s commercial mobility business. In the meantime, the two sides will co-develop unified battery swapping technologies and standards for consumer-facing vehicle models. Geely Holding Group will develop consumer-facing battery-swappable vehicle models, while NIO Power will provide battery swapping services for these models.

In the smart charging business, NIO will invest in Haohan Energy, a subsidiary of Geely Holding Group. Upon completion of the transaction, NIO will hold a 10% equity stake in Haohan Energy. The two sides will fully connect their charging infrastructure, jointly expanding coverage and improving the operational efficiency of their charging networks.

The deepening partnership between NIO and Geely Holding Group across charging and battery swapping is a concrete step by the two companies to support the goals of the 15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry, address involution-style competition, and improve the allocation of industry resources. It will provide users with a better recharging experience while contributing to China’s green and low-carbon transition.

William Li, Founder, Chairman, and CEO of NIO, said: “Over the past decade, China’s smart EV industry has made remarkable progress, driven by rapid advances in technology and continued innovation. Looking ahead, the industry needs not only to keep innovating, but also to become more efficient at turning innovation into value. This partnership brings together the strengths the two sides have built over the years, with closer collaboration across technology, standards, operations, assets, and capital. It represents an important exploration and innovative step toward addressing involution-style competition and building a more open and mutually beneficial industry ecosystem where automakers can work together to achieve high-quality growth. The collaboration between NIO and Geely in charging and battery swapping is open to the broader industry. We welcome and look forward to more industry peers joining us in creating a better recharging experience for users, supporting the industry’s transition to low-carbon, green energy, and shape a sustainable and brighter future.”

Andy AN Conghui, CEO of Geely Holding Group, said: “High-quality development of the automotive industry is not about scale alone. It calls for more resilient supply chains, higher quality and greater efficiency, safer and greener development, and a more open and collaborative ecosystem. Recharging networks are public infrastructure that serve society as a whole. They should be built together, shared openly, and connected across networks, so that users ultimately benefit the most. Geely Holding Group has long driven innovation in core new energy vehicle technologies, building an all-scenario recharging network that combines charging and swapping. This partnership marks another step toward the high-quality development of China’s intelligent connected new energy vehicle industry. With an open approach and a long-term commitment, Geely Holding Group will work with NIO and other industry partners to build a denser, more reliable, and safer recharging network, making mobility more seamless and worry-free for users.”

As of September 27, 2026, NIO had invested over RMB 20 billion in charging and battery swapping technologies and infrastructure. Its network now comprises 9,433 swapping and charging stations across China, including 4,126 Power Swap Stations and 5,307 charging stations with 30,598 charging piles. NIO has provided more than 220 million charging and battery swapping services, including over 125 million battery swaps and over 99 million charging sessions. With widespread adoption and market validation, battery swapping has become a mainstream recharging solution for new energy vehicles in China. This cooperation will further accelerate the development of NIO’s Power Swap Network. NIO Power aims to have 10,000 Power Swap Stations in operation by 2030, with annual electricity demand across the network expected to exceed 10 billion kWh. As Power Swap Stations become an increasingly important new type of energy infrastructure, their commercial and social value will become more evident.

Geely Holding Group has built an all-scenario recharging ecosystem spanning both charging and swapping. On September 23, 2026, Geely launched its next-generation AI-powered charging technology, ushering in a new era of safe and fast charging driven by AI. Haohan Energy has now deployed 2,500 charging stations with more than 12,000 charging connectors across 232 cities in China, making it one of the industry’s leading charging networks. By the end of 2027, Geely plans to build more than 22,000 charging stations with more than 100,000 charging connectors, including more than 15,000 smart charging stations with over 50,000 smart charging connectors, with the goal of being the first in the industry to achieve full coverage of county-level cities in China. In battery swapping, Yiyi Power is expanding into green and intelligent mobility hubs, automated battery swapping for robotaxis, and smart transportation-energy integration, helping drive innovation across the mobility industry.

About NIO

NIO is a global smart electric vehicle company founded in November 2014. Dedicated to shaping a sustainable and brighter future together by providing high-performance smart electric vehicles and exceptional user experiences, NIO is the first car company listed on the NYSE, HKEX and SGX. NIO currently has three major brands under its umbrella: NIO, ONVO and firefly.

Ten years into establishment, NIO is now one of the leading companies in the global premium smart electric vehicle market, committed to fostering its own research and development capabilities for core technologies, the company had filed for and obtained over 13,000 patents. Additionally, NIO has developed NIO Full Stack, a collection of 12 technology domains. 

Currently, NIO has R&D centers and manufacturing facilities in over 10 locations, including Shanghai, Hefei, Beijing, Nanjing, San Jose, Munich, Oxford, Budapest, Singapore, and Abu Dhabi. Additionally, it has built a sales and service network across 24 countries and regions, including China, Europe, the Middle East, Central Asia, Southeast Asia, and Central America.

NIO Inc. currently offers eight premium smart electric vehicle models under the NIO brand, two smart electric vehicle under the ONVO brand and one small, smart, high-end electric vehicle under firefly brand. As of September 1, 2026, NIO Inc.’s cumulative deliveries reached 1,260,485 vehicles, reinforcing its position as a leader in advancing technological innovation and premium brand development in China’s smart EV industry.