NIO Hong Kong shares rise as CATL eyes stake
NIO’s Hong Kong shares climbed 8.6% to HK$26.60 following news that Chinese battery titan CATL is negotiating to acquire a controlling stake in Nio Power
No Power runs over 3,000 battery-swapping stations in China. Last month, CATL pledged up to RMB 2.5 billion ($342 million) to Nio Power, according to Reuters’ sources. Nio Power was valued at over RMB 10 billion ($1.3 billion) after a 2024 fundraising. However, CATL’s offer remains undisclosed.
CATL has stayed mum about obtaining a controlling stake in Nio Power. Meanwhile, NIO has sidestepped specifics but noted it’s fostering battery swap station growth “with multiple investors, including CATL.”
“Nio and CATL will deepen collaboration on capital and business and further consolidate the strategic partnership to jointly build the largest battery swapping network globally,” noted NIO.
CATL’s push aligns with chairman Robin Zeng’s vision to morph the firm into a green-energy leader. Fresh off a deal with Sinopec to build 10,000 swap stations—500 this year—CATL aims to supplant a third of China’s gas stations. Nio Power, a linchpin for NIO, serves its drivers and rivals like Tesla and BYD. However, NIO’s hefty investments have dented profitability.
NIO’s 3,240 swap stations, mainly in China, swap batteries in under three minutes, tackling EV range woes. With co-development efforts expanding swap-compatible EVs, a CATL deal could reshape NIO’s footing against intensifying competition from BYD and others in China.
The post NIO Hong Kong shares rise as CATL eyes stake appeared first on TESLARATI.
Source: https://www.teslarati.com/nio-shares-power-catl-stake/
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