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

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)