Shanghai (ZXZC)- On November 29, Zhejiang Geely Holding Group ("Geely Holding") and NIO Holding Ltd. ("NIO") signed a strategic cooperation agreement on battery swapping. The collaboration encompasses a broad spectrum, including battery standards, battery swapping technology, construction and operation of power swap service network, R&D and customization of battery-swap-enabled vehicle models, and battery asset management and operation.

Photo credit: NIO

This achievement marks NIO's new significant stride in the battery-swapping sector after it formed collaboration with Changan Automobile on November 21. At that time, NIO's founder Chairman, and CEO, William Li Bin, hinted at potential discussions with 4 to 5 other automakers for further battery-swapping partnerships.

The collaboration between Geely Holding and NIO is founded on a shared commitment to openness and strategic alignment, said both parties. Leveraging their respective strengths in existing operations, the two companies are embarking on a comprehensive battery-swapping strategic alliance.

According to the agreement, the duo will adopt a "co-investment, co-construction, co-sharing, and co-operation" model to establish two major battery swapping standard systems for private and commercial-use vehicles. This collaboration aims to accelerate the seamless connectivity and coordination among vehicles, stations, batteries, and operations, expanding the scale of the battery swapping network to provide more convenient, secure, and comprehensive services to diverse user needs.

Furthermore, the partnership also includes the establishment of an efficient battery asset management system and a unified operation and management system for battery swapping. Both companies will collaborate on the development of battery-swappable passenger vehicles compatible with each other's power swapping systems.

William Bin Li stated, "Both NIO and Geely have a profound understanding of the battery-swapping business model. Over the past few years, we have been dedicated to the technology and network development for battery swapping in private and commercial-use vehicles, accumulating rich operational experience. As a leading enterprise in the Chinese automotive market, Geely Holding's rapid growth in the new energy vehicle field is impressive. This strategic collaboration will further popularize the battery-swapping model, providing more users with a high-quality and convenient battery swapping experience, contributing to the high-quality development of the intelligent electric vehicle industry. Moving forward, we will continue to advance the construction of the battery swapping network exclusive to NIO’s users, continually enhancing the charging experience for NIO users, and collaborating with partners to establish a shared battery swapping network for multiple brands."