© Reuters. FILE PHOTO: The logo of NIO seen on an EL6 car model is pictured at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse
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BEIJING (Reuters) – Chinese automakers Nio (NYSE:) and Zhejiang Geely Holding Group said on Wednesday they had signed a strategic partnership agreement on battery swapping that would see them work together on standards, technology and model development.
The deal makes Geely, whose brands range from Volvo (OTC:) to Zeekr, the second automaker to sign a battery swapping partnership with Chinese electric vehicle maker Nio.
Nio, which has been looking to lower costs, announced a tie-up with Changan Automobile last week.
Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point.
Geely and Nio will adopt a “co-investment, co-construction, shared, co-operative” model, the companies said.
They will look to establish an efficient battery asset management mechanism, build a unified battery swap operation and develop battery swappable vehicles compatible…
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