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- 1Nio Gains 3% as Geely Buys 30% Stake in Battery Swap Unit▼Nio Advances 3% as Geely Takes 30% Stake in Battery Swapping Unit; XPeng and Tesla Pull Back
Chinese EV maker Nio saw its shares rise about 3% after Geely agreed to take a 30% stake in its battery swapping business. The investment is seen as a vote of confidence in Nio's power-swap network strategy. Meanwhile, rivals XPeng and Tesla both traded lower in the same session, making the stake news a rare bright spot among Chinese electric vehicle stocks.