Nio and GAC Group's energy units have entered into a charging network sharing partnership, the first substantial development in the collaboration between the two carmakers that was agreed a month ago.
Nio (NYSE: NIO) and GAC Group's energy units have entered into a charging network sharing partnership, the first substantial development in the collaboration between the two carmakers that was agreed a month ago.
Nio Power and GAC Energy formally agreed to a charging network sharing partnership on June 7, which will see the two establish dynamic data sharing between charging platforms to enable two-way interoperability of charging facilities, according to a statement from Nio.
The partnership is the first project to come to fruition after Nio and GAC Group signed a strategic cooperation on charging and battery swap on May 8, and will provide users on both sides with charging services that are wide-coverage, efficient and easy to use, Nio said.
Starting June 7, users of GAC Aion, Hyper, and GAC Trumpchi will be able to check and use Nio's charging piles through their mobile apps, mini-programs, and charging maps on their vehicle screens.
At the same time, GAC Energy's supercharging stations are also open to Nio users, according to the statement.
From June 7 to June 30, users from both sides can enjoy discounts of up to 30 percent when using the other side's charging piles.
On May 8, Nio and GAC signed a strategic cooperation agreement on charging and battery swap in Guangzhou, where the latter is headquartered.
The two sides will carry out strategic cooperation in charging and battery swap-related areas such as battery standards, vehicle R&D and customization, battery asset management and operation, and power-swap network development and operation, Nio said in a statement at the time.
At the same time, the two sides will also promote the mutual opening of their respective charging platforms, Nio said last month.
Nio Power, or Nio Energy Investment (Hubei) Co Ltd, is Nio's energy business subsidiary, responsible for the construction of its facilities including battery swap stations and charging stations.
On May 31, Nio Power received a RMB 1.5 billion ($207 million) strategic investment from a government investment fund in Wuhan, Hubei province, marking the first external investment in the unit.
Nio Power was founded in May 2017 in Wuhan, and was previously wholly owned by Nio Holding, with Nio vice president Shen Fei as its legal representative.
Nio did not announce the stake it ceded in Nio Power at the time. Yesterday, Nio founder, chairman, and CEO William Li said on an earnings call that Nio still owns about 90 percent of Nio Power following the financing.
GAC Energy, founded in July 2022 and headquartered in Guangzhou, is 55 percent owned by GAC Group and 45 percent by GAC Aion, according to its website.
($1 = RMB 7.2463)
Nio's power unit secures 1st external investment of $207 million
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