The Geely × NIO Power deal could be MUCH bigger than it looks.
Geely will contribute to NIO Power:
→ 100% of Yiyi Power, its battery-swap business focused notably on commercial mobility
→ RMB 640M in cash
In exchange, Geely gets a 30% stake in NIO Power.
The deal values NIO Power at ~RMB 16 BILLION.
Post-transaction ownership:
• NIO China: 63.6%
• Geely: 30%
• Existing investor: 6.4%
NIO therefore remains firmly in control, with its 63.6% stake implicitly valued at ~RMB 10.2B.
But the valuation may not even be the most interesting part.
The real potential is SWAPS/STATION/DAY.
Geely is currently the #2 NEV seller in China, just behind BYD, with ~794,000 NEVs sold in Jan-Aug 2026 and an 11.9% market share.
And Geely isn't just bringing cash.
Yiyi Power brings an existing battery-swap business focused on commercial mobility.
More vehicles + commercial fleets = potentially MUCH higher swaps/day → better station utilization → better economics for the entire NIO Power network.
NIO and Geely are also exploring battery swapping for future Geely-related passenger vehicles, as well as Geely's commercial mobility operations.
⚠️ Important: there is currently no publicly announced deadline or specific number of Geely passenger models that must become swap-compatible.
But Geely now owns 30% of NIO Power.
That means Geely has a direct financial incentive to increase the utilization and value of the network.
And we're not talking about a small automaker experimenting with battery swap.
Geely is the #2 NEV seller in China.
Another interesting connection: Geely founder Li Shufu also holds 9.69% of Mercedes-Benz through his investment vehicle.
If Geely's ecosystem ultimately drives significantly more swaps/station/day, the long-term impact of this deal could be FAR bigger than the RMB 640M cash investment itself.
This is huge for $NIO. This isn't just another pie-in-the-sky plan like we've seen with the Swap Alliance. This is the first real step toward something huge. A 30% stake is no small commitment, even for Geely! 👀