Geely Holding and NIO Sign A Cooperation Agreement on Battery Swapping Business

On November 29, 2023, Zhejiang Geely Holding Group (“Geely Holding“) and NIO signed a strategic cooperation agreement on battery swapping in Hangzhou. The two parties will engage in comprehensive cooperation in various areas including battery swapping standards, battery swapping technology, construction and operation of battery swapping service networks, development and customization of battery-swapping vehicles, as well as battery asset management and operation.

Geely Holdings Group’s CEO, Liu Jinliang, and NIO‘s Senior Vice President, Shen Fei, signed the contract on behalf of both parties. Witnessed by Geely Holdings Group Chairman Li Shufu, Geely Auto Group CEO Gan Jiayue, NIO Founder, Chairman and CEO William Li, NIO CFO Feng Wei.

This signing is by Geely Holding Group, not just a single brand under Geely Holding. It includes well-known brands such as Geely Galaxy and Lynk & Co, as well as Lotus, Volvo, Zeekr, and Polestar.

Geely’s sub-brand, LIVAN Automobile, already has electric vehicles that support battery swapping technology. However, the specifications are different from NIO‘s, so it is uncertain whether they will also introduce NIO-standard battery swapping models in the future.

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