NIO and Geely Form Battery-Swap Venture

NIO and Geely signed definitive agreements to combine charging and battery-swapping operations. Geely contributes its Yiyi Internet Technology stake plus RMB 640 million cash for 30% of NIO Power, valuing the unit near RMB 16 billion. NIO China takes 10% of Geely's Haohan Energy. The deal, pending regulatory approval, shares swapping technology and standards.