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Deal that values Nio’s swapping subsidiary at US$2.4 billion clears way for the companies to develop unified standards 2 -MIN READ2 -MIN Daniel Renin Shanghai Published: 4:00pm, 28 Sep 2026Updated: 4:02pm, 28 Sep 2026 Chinese electric vehicle (EV) maker Nio has deepened its partnership with Zhejiang Geely Holding Group after agreeing to sell a stake in its battery swap subsidiary to the automotive conglomerate in a deal that values the unit at 16 billion yuan (US$2.4 billion). Geely Holding, controlled by Chinese billionaire Li Shufu, would pay 640 million yuan in cash and contribute its wholly owned battery-swapping unit Yiyi…
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