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Geely and NIO Partner in Shipping and Battery Swapping
Chinese company Zhejiang Geely Holding announced a strategic cooperation agreement with Nio Holdings to develop the electric vehicle charging and battery swapping sector. Geely will acquire a 30% stake in Nio Power in exchange for an investment in Yiyee Power valued at 640 million yuan (approximately $95 million), and will integrate its operations into battery swapping services. Additionally, Nio will acquire a 10% stake in Hohan Energy to enhance its smart charging networks, aiming to expand coverage and improve operational efficiency. This collaboration is part of China's national plan to develop the new energy vehicle industry, which is expected to account for 70% of new car sales by 2030, with record sales of new energy vehicles reaching 60.6% in August 2026.
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