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China’s Nio and Geely deepen commitment to EV battery swapping tech in stake sale
China’s Nio and Geely deepen commitment to EV battery swapping tech in stake sale
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…