India, Sept. 27 -- NIO Inc. (NIO,NIO.SI,9866.HK) announced that it has entered into definitive agreements with subsidiaries of Zhejiang Geely Holding Group to form a strategic partnership in battery swapping and charging, advancing cooperation in China's electric vehicle infrastructure market.
Under the deal, a Geely subsidiary will contribute its entire stake in Yiyi Internet Technology (Chongqing) Co., Ltd., a provider of battery swapping services for commercial mobility customers, along with RMB640 million in cash, to acquire newly issued equity in NIO Energy Investment (Hubei) Co., Ltd., known as NIO Power.
The transaction values NIO Power at a post-money valuation of approximately RMB16 billion. Upon closing, the Geely unit will hold...