NIO-SW(09866) Announces Strategic Cooperation with Geely Holding Group in Battery Swap and Charging Business; Geely Holding Group Acquires Stake in NIO Power Through Assets and Cash

NIO-SW(09866) announced that on September 28, 2026, the company announced that it had entered into formal agreements with certain subsidiaries of Zhejiang Geely Holding Group Co., Ltd. (Geely Holding Group) in respect of strategic transactions in battery swap and charging businesses. Pursuant to the formal agreements, a subsidiary of Geely Holding Group will subscribe for newly issued equity in NIO Power Investment (Hubei) Co., Ltd. (NIO Power), a subsidiary of NIO operating battery swap and charging businesses, for a consideration comprising (i) its 100% equity interest in Yiyi Interconnect Technology (Chongqing) Co., Ltd. (a subsidiary under Geely Holding Group that provides battery swap services to the commercial vehicle market), plus (ii) RMB640 million in cash, subject to obtaining regulatory approvals and satisfying other customary closing conditions. Upon completion of the transaction, the Geely Holding Group subsidiary will hold 30.0% of the total equity of NIO Power, NIO Holdings Limited (NIO China), a subsidiary of NIO, will continue to hold a controlling stake of 63.6%, and an existing investor, Wuhan Optics Valley Innovation Emerging Technology Phase I Venture Capital Fund Partnership (Limited Partnership), will hold the remaining 6.4% equity interest. The post-investment valuation of NIO Power under the transaction is approximately RMB16 billion. The equity interest held by the Geely Holding Group subsidiary will be subject to post-closing adjustments linked to certain operating milestones, pursuant to which such equity interest may be reduced to no less than 20% if the relevant operating performance falls short of expectations. The subsidiary has also been granted an option, exercisable within two years from the closing of this transaction or before the date on which NIO Power enters into a binding agreement for a new round of financing, whichever is earlier, to make a further cash investment of RMB640 million in NIO Power, which, without taking into account any post-closing equity adjustments, would result in it holding 34.0% of the equity interest in NIO Power, while NIO China's controlling stake would be 60.0%. Concurrently with the NIO Power transaction, NIO China has agreed to subscribe for newly issued equity in Zhejiang Haohan Energy Technology Co., Ltd. (Haohan Energy, a subsidiary under Geely Holding Group operating charging businesses) for a cash consideration, subject to obtaining regulatory approvals and satisfying other customary closing conditions, which cash consideration will be used to purchase certain charging assets from NIO. Upon completion of the transaction, NIO China will hold 10.0% of the total equity of Haohan Energy. In addition, NIO and Geely Holding Group have formulated preliminary plans for the adoption of battery swap technology and the provision of related services for consumer-oriented vehicle models and mobility service vehicles under Geely Holding Group's affiliated entities. Such plans are subject to further discussion among the relevant parties before they will be finalized and implemented. The announcement stated that the above transactions and cooperation reflect the industry's recognition of NIO's battery swap technology, network and operational capabilities. Through strategic cooperation with industry participants, NIO expects to further promote the adoption of battery swapping, continuously enhance user experience, accelerate the growth of electric vehicle penetration, and further unlock the long-term value of battery swapping.