Geely, Nio in cooperation on charging and battery swapping

Chinese automaker Zhejiang Geely Holding Group said that it had inked a deal with Nio Holding on charging and battery swapping.

Under the agreement, the two sides will deepen cooperation across technology, operations and capital, jointly invest in their charging and battery swapping businesses, share technologies and standards, and develop a shared service network, Geely said in a statement.

In the battery swapping business, Geely will acquire a 30 percent stake in Nio Power, Nio's battery-swapping and charging unit, by contributing 100 percent of its equity in Yiyi Power.

In regards to the smart charging business, Nio will acquire a 10 percent stake in Haohan Energy, a subsidiary of Geely. The two companies will fully connect their charging infrastructure, jointly expanding coverage and improving the operational efficiency of their charging networks, the statement said.