Nio Advances 3% as Geely Takes 30% Stake in Battery Swapping Unit; XPeng and Tesla Pull Back
Source: 24/7 Wall St. ·
An outside investor just put a concrete price on the part of Nio's business that has frustrated analysts for years, and the terms of the deal reveal how much Geely thinks the network is worth.
From the source
An outside investor just put a concrete price on the part of Nio's business that has frustrated analysts for years, and the terms of the deal reveal how much Geely thinks the network is worth. Market Movers desk. Editor: David Moadel . This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. Privately held Zhejiang Geely Holding Group is investing. It is buying into the battery swapping network that Nio ( NYSE:NIO | NIO Price Prediction ) built on its own, and the deal puts an outside price on a part of Nio’s business the market has struggled to value. A Geely Holding Group subsidiary will end up with a minority stake in Nio Power, the unit that runs Nio’s battery swapping and charging businesses. Nio stock is up 3% to $3.67, a gain that stands out against a softer background for electric vehicle names. Meanwhile, XPeng ( NYSE:XPEV ) shares are down 1% to $10.01, moving in the opposite direction…