Geely invests Rp1.7 trillion in battery industry
The Chinese automotive brand, Zhejiang Geely Holding Group Co., Ltd. (ZGH), and NIO Holding Co., Ltd. (NIO) are continuing to strengthen their partnership in the charging and battery swapping segment with an investment reaching Rp1.7 trillion or 640 million yuan.
CEO of Zhejiang Geely Holding Group, Andy An Conghui, stated that the industry requires a more reliable supply chain, higher quality and efficiency, as well as safer, more environmentally friendly, and collaborative development.
“The charging network is public infrastructure that can provide widespread benefits to society. Therefore, this network needs to be built together, used openly, and interconnected between systems to provide greater value to users,” said Andy An Conghui in an official statement on Friday.
The two companies will develop integrated battery swapping standards and technology for passenger vehicle models. Geely Holding Group will develop passenger vehicle models that support battery swapping systems, while NIO Power will provide the service for the relevant models.
This move is expected to expand the range of energy solutions for electric vehicle users while supporting a more efficient mobility experience.
Meanwhile, the Founder, Chairman, and CEO of NIO, William Li, explained that over the last decade, the smart electric vehicle industry in China has grown rapidly due to continuous technological progress and innovation.
“Moving forward, the industry needs to not only continue innovating but also become more efficient in converting innovation into added value for users. This cooperation unites the strengths built by both companies over the years through closer collaboration in technology, standards, operations, assets, and investment,” explained William Li.
In the field of smart charging, NIO will also invest in Zhejiang Haohan Energy Technology Co., Ltd. (Haohan Energy), a subsidiary of ZGH. Upon completion of the transaction, NIO will hold a 10 per cent stake in Haohan Energy.
Through this partnership, Geely Holding Group and NIO will connect the charging infrastructures of both companies, expand network coverage, and increase operational efficiency.