Chinese electric vehicle maker Nio has signed a deal with rival automaker Geely covering battery-swapping technology, according to multiple outlets. Geely will buy a 30% stake in Nio's battery-swapping unit, per Bloomberg.
The energy unit involved in the deal was valued at $2.4 billion, according to CNA and Reuters. The agreement deepens the two companies' commitment to battery-swapping technology, according to the South China Morning Post.
Reuters reported that Nio said it is open to other companies joining the battery-swapping venture in the future.
The deal brings together two competitors in China's electric vehicle market around a shared technology standard for swapping depleted batteries rather than plugging in to recharge.
How each side covered it
Left
- Bloomberg reported Geely will buy a 30% stake in Nio's battery-swapping unit.
“Geely To Buy 30% Stake in Rival Nio's Battery-Swapping Unit” — Bloomberg
Center
- CNA and Reuters reported the battery-swapping energy unit was valued at $2.4 billion.
- Reuters reported Nio said it is open to other peers joining the deal.
- South China Morning Post framed the deal as deepening both companies' commitment to battery-swapping technology.
“NIO inks battery-swapping deal with Geely, open to other peers joining” — Reuters
Questions readers ask
What happened between Nio and Geely?
Nio and Geely, two Chinese electric vehicle makers, signed a deal involving Nio's battery-swapping technology unit. Geely agreed to buy a 30% stake in the unit, which was valued at $2.4 billion.
What is battery-swapping technology?
Battery-swapping is an alternative to plug-in charging for electric vehicles, where a depleted battery is exchanged for a charged one. Nio and Geely are reported to be deepening their commitment to this technology.
How much is Nio's battery-swapping business worth?
CNA and Reuters both reported the battery-swapping energy unit was valued at $2.4 billion as part of the deal with Geely.
Will other companies join the Nio-Geely battery-swapping venture?
According to Reuters, Nio said it is open to other peers joining the battery-swapping deal in the future.
Sources · 4 outlet reports
- BloombergLeft-leaningGeely To Buy 30% Stake in Rival Nio’s Battery-Swapping Unit
- CNACenterNIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion
- ReutersCenterNIO inks battery-swapping deal with Geely, open to other peers joining
- South China Morning PostCenterChina’s Nio and Geely deepen commitment to EV battery swapping tech