Chinese automakers NIO and Geely join forces on fast EV charging

Chinese automakers NIO and Geely will combine their EV charging and battery-swapping networks to improve their charging infrastructure. Under the agreement, Geely Holding will acquire a 30% stake in NIO Power, NIO’s division that operates battery-swapping stations and charging infrastructure, and contribute its wholly owned subsidiary Yiyi Power and 640 million yuan (more than CZK 2 billion) in cash to NIO Power, NIO said in a statement. The deal values NIO Power at approximately 16 billion yuan.

The partnership comes as Chinese automakers compete to lead the way in EV charging speeds. NIO already operates more than 4000 stations where a depleted battery can be swapped for a fully charged one in about three minutes. Last week, Geely unveiled technology designed to charge a battery in four minutes. Meanwhile, rival Chinese automaker BYD is building tens of thousands of stations for so-called ultra-fast charging.

NIO and Geely aim to create a denser and more reliable network through their cooperation, making it easier for drivers to use EVs. They are presenting their partnership as a new model for China’s automotive industry. The companies plan to jointly develop unified battery-swapping standards and new vehicle models. Other automakers may also join the partnership.

NIO will also acquire a 10% stake in charging company Haohan Energy, which is owned by Geely. NIO aims to operate 10.000 battery-swapping stations by 2030, while Geely plans to expand its network to more than 22.000 charging stations by the end of 2027, Reuters reported.