NIO Inc. and Zhejiang Geely Holding Group Co., Ltd. agreed to expand their battery-swapping and charging partnership through a transaction valuing NIO Power at about RMB16 billion post-money. A Geely subsidiary will contribute its stake in Yiyi Internet Technology (Chongqing) Co., Ltd. and RMB640 million in cash for an initial 30.0% stake in NIO Power, while NIO China retains a controlling 63.6% interest. NIO China will also acquire 10.0% of Geely's Haohan Energy charging business, which will use the investment proceeds to purchase certain charging assets from NIO. Geely can make a further RMB640 million investment that would raise its NIO Power stake to 34.0%, subject to transaction terms. NIO shares rose in U.S. premarket trading, though the stock remained near the bottom of its 52-week range and below key moving averages. Analysts hold a mixed view, with a Hold consensus rating and an average price target of $5.50.