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Chinese automotive conglomerate
Zhejiang Geely Holding Group Co., Ltd. (ZGH), commonly known as Geely Holding, is a Chinese multinational automotive conglomerate headquartered in Hangzhou, China. The company was founded by, and is privately owned by Chinese entrepreneur Li Shufu.
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Chinese electric vehicle maker Nio and Geely Holding Group announced a comprehensive partnership in charging and battery swapping on Monday, including cross-investments in their energy businesses and plans to support battery-swappable vehicles for individual consumers, Nio’s WeChat official account said.
An outside investor just put a concrete price on the part of Nio's business that has frustrated analysts for years, and the terms of the deal reveal how much Geely thinks the network is worth.
NIO Inc. (NYSE: NIO ) shares rose in Monday’s premarket session after the EV maker announced a battery-swapping and charging transaction with Zhejiang Geely Holding Group Co., Ltd. Geely Holding’s automotive portfolio includes Geely Automobile Holdings Ltd. (OTC: GELFY ) . The transaction brings external capital into…