What was actually agreed
Geely contributes Yiyi Power, its wholly owned battery-swap business for commercial mobility, plus 640 million yuan (roughly €84 million), and ends up with 30% of Nio Power; Yiyi's swap operations are merged into Nio Power. In the other direction, Nio buys 10% of Haohan Energy, Geely's charging infrastructure arm, for an undisclosed price. Both charging networks are to be fully interconnected, and the two will jointly develop technology and standards for swappable passenger-car batteries.
The part that touches actual cars: Geely says it will bring models for private customers that swap at Nio stations, with Nio Power delivering the service. That goes beyond the 2023 standardisation memorandum, which never named a single Geely model that would use Nio's network. Full announcement on nio.com, financial framing via electrive.
Our maths: €84 million implies a €280 million company
If €84 million in cash buys 30% of Nio Power, the cash leg alone implies an equity value of about €280 million. Treat that as a floor, not a price tag — Geely is also handing over an entire subsidiary whose book value we cannot see. Nio, meanwhile, says it has invested more than 20 billion yuan, roughly €2.62 billion, in charging and battery-swap technology. The implied valuation is therefore around a tenth of cumulative spend.
Read that as a statement about the economics of swapping: heavy capex, slow monetisation, and a carmaker that would rather buy into an existing network than build a duplicate. Nio gets a partner's model range as demand for its stations.
4,126 swap stations — and four a day to 2030
As of 27 September, Nio's Chinese network counted 4,126 Power Swap stations and 5,307 charging locations with 30,598 points. The 2030 target is 10,000 swap stations: 5,874 more in roughly 1,550 days, or just under four new stations every day for four years.
Divide the €2.62 billion of cumulative investment by 4,126 stations and you get about €635,000 per station. Treat that as an upper bound — the same money paid for 30,598 charging points — but the scale is unambiguous: another 5,874 stations is a multi-billion-euro programme, and this week's deal brings €84 million of cash into the business.
For scale, our supercharger database tracks 483 locations across the whole of Europe. Nio's 9,433 Chinese charging and swap locations are roughly twenty times that number.
Haohan Energy plans 8.8× growth in 15 months
Haohan runs 2,500 charging stations with more than 12,000 connectors in 232 Chinese cities. The end-2027 plan is more than 22,000 stations and over 100,000 charging points — 8.8× the stations and 8.3× the connectors in about 15 months. That works out at roughly 1,300 stations and 5,900 connectors a month, or 43 stations and 195 connectors every day.
Note the shape of it: 4.8 connectors per station today (12,000 ÷ 2,500), 4.5 planned (100,000 ÷ 22,000). Smaller sites, more of them — density, not megahubs.
The 2.25 MW claim: a cabinet figure, not a car curve
Four days before the deal, Geely showed fast-charging hardware rated up to 2.25 MW peak. Do the arithmetic: 2,250 kW into a 100 kWh pack is a 22.5C rate — empty to full in under three minutes. No production pack comes close; the best cells peak around 5–6C and taper within minutes. The number therefore describes the cabinet and the cable, not the charge curve you will see on a screen. It belongs in the same drawer as the Mercedes/ProLogium Gen4 solid-state cell claim of 400 Wh/kg and 5–80 % in 64 minutes: a cell-level laboratory figure, not a curve a production car will deliver.
Source: https://www.electrive.com/2026/09/28/nio-and-geely-integrate-charging-and-battery-swap-operations/
