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In a significant development, China’s premier automotive technology group, Zhejiang Geely Holding Group (Geely) (OTC:GELYF), has joined hands with the renowned electric vehicle maker, NIO Holding (NYSE:NIO), to form a strategic alliance that aims at enhancing battery-swapping technology.
What Happened: According to Geely’s official statement, the partnership will focus on different facets of battery technology, including standards for battery swapping, network expansion, swappable model development, and battery asset management.
The pact was signed by Geely Holding’s Yiyi Power CEO, Jack LIU, and NIO’s Senior Vice President, Fei SHEN. Key officials from both corporations, Eric Li, the Founder and Chairman of Geely Holding, and William Li, the Founder, Chairman, and CEO of NIO, were present during the signing.
In the scope of this alliance, the two firms will work together to create two unique battery-swapping standards for personal and commercial vehicles. The collaboration will also concentrate on the advancement of battery swapping technology, its operational scale expansion, and providing safer and more convenient services to consumers.
As per Eric Li, this partnership is in line with China’s developmental agenda focusing on new infrastructure and renewable energy. The primary objective is to further standardize battery swapping technology, enlarge the battery swap network’s size, and expedite the automotive industry’s transition towards low carbon.
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