Nio Shares Drop 4% as Geely Acquires 30% Stake in Nio Power Unit

Key Facts

1Chinese EV maker Nio signed a partnership agreement to extend its battery-swap reach.

2Geely took a 30% stake in Nio's power unit, Nio Power.

3Nio stock fell 4% to $3, while shares of XPeng and Tesla also saw declines.

Nio shares fell 4% to $3 following the announcement of a strategic partnership agreement with Geely Holding Group. According to 247wallst.com, Geely acquired a 30% stake in Nio Power, the company’s battery-swap and charging subsidiary, in exchange for contributing its Yiyi Power business and cash, while Nio maintains a controlling interest.

The decline occurred alongside broader selling pressure in the EV sector, with XPEV closing at $9.95 on September 28, 2026, and TSLA closing at $357.45 on the same date. Market reaction remained negative despite the expansion of the battery-swap infrastructure, as investors weighed Nio's decision to cede a significant minority stake in its most distinctive asset to Geely.