Nio’s shares rose after Geely, the Chinese automaker, announced a 30% stake in the company’s battery-swapping unit, signaling strong backing for its fast-charging technology. Meanwhile, rival electric vehicle makers XPeng and Tesla scaled back their own battery-swapping initiatives, raising questions about the long-term viability of the approach. The move highlights shifting strategies in the EV industry as automakers weigh different methods for extending driving range. Investors appear to view Geely’s involvement as a vote of confidence in Nio’s innovation.
Nio Advances 3% as Geely Takes 30% Stake in Battery Swapping Unit; XPeng and Tesla Pull Back Yahoo Finance
