Overview

• Chinese EV maker NIO has partnered with Geely, the company behind Volvo and Polestar, to collaborate on EV battery standards, new swapping tech, and network expansion.
• Geely is the second company to partner with NIO for battery swapping, following a recent partnership with Changan Auto.
• The battery swapping process can be done in as little as 3 minutes, compared to fast charging which can take anywhere from 15 minutes to an hour.
• Geely aims to establish 5,000 swap stations by 2025 and currently has around 300 stations up and running.
• NIO, facing falling margins and profits amid stronger competition, is looking to expand its brand and improve profitability.