GEELY AND NIO SIGN AGREEMENT ON BATTERY CHARGING AND SWAPPING

HANGZHOU, SEPTEMBER 28 /SRNA/ - Chinese automaker Geely has announced that it has signed a strategic cooperation agreement with NIO on battery charging and swapping.

Under the agreement, the two sides will deepen cooperation in technology, business and capital, jointly invest in battery charging and swapping companies, share technologies and standards, and develop a joint service network.

China earlier this month unveiled a five-year plan for the development of the intelligent connected new-energy vehicle industry, Xinhua reported.

The goal is for passenger vehicles powered by new energy sources to account for 70 per cent of sales by 2030, while commercial vehicles are to account for 40 per cent of sales.

In China, vehicles that do not use petrol or diesel accounted for a record 60.6 per cent of new car sales in August, with 1.65 million such vehicles sold.

That was an increase of more than 20 per cent compared with the same period last year.