NIO sells 30% of battery swap unit to Geely, plus China's solid-state battery plan

Two battery announcements landed within hours of each other on 28 September. They point in different directions. One is money moving into factories. The other is a state roadmap for the chemistry inside them.

Gotion and VW put €3.22 billion into three joint ventures

Gotion High-tech (SZSE: 002074) said in a stock exchange filing on Monday that it and Volkswagen Group plan about €3.22 billion ($3.67 billion) of battery and materials production across Europe and North Africa. Three joint ventures are planned through subsidiaries in Spain, Slovakia and Morocco. Gotion plans to contribute roughly €1.6 billion, Volkswagen's PowerCo about €1.62 billion, with funding in stages, according to CnEVPost.

The largest piece is Valencia, Spain: about €2.26 billion for 29.1 GWh of annual lithium-ion capacity. Gotion plans to take 49% of the existing PowerCo Spain through a capital increase, with PowerCo holding 51%. In Šurany, Slovakia, the plan is about €480 million for 8.4 GWh, with Gotion at 51% and PowerCo at 49%. The third project, in Kenitra, Morocco, is about €480 million for 100,000 metric tons a year of lithium iron phosphate cathode materials, again 51% Gotion.

Cells from the two European projects will prioritise Volkswagen's European demand, though CnEVPost notes specific purchase volumes and supply assurance remain subject to later definitive agreements. Construction scope excludes land and factory buildings, and each project is expected to take no more than five years. The board approved the proposal on 28 September. The investment agreement is not signed, and the deal still needs shareholder approval plus government clearances in China and overseas. Gotion also flagged that financing, approvals and market changes could affect construction and returns.

Volkswagen (China) Investment Co held a 24.28% stake in Gotion as of 20 September, making it the battery maker's largest shareholder. CnEVPost reports Gotion's global EV battery installations reached 34.0 GWh in the first seven months of 2026, up 44.2% year on year, according to SNE Research. Its market share rose to 4.7% from 3.9%, ranking it fifth.

Beijing's five-year plan puts solid state on a 2030 clock

Also on Monday, China's Ministry of Industry and Information Technology released a battery industry development plan for the fifteenth five-year period, covering 2026 through 2030. The document, dated 14 September, was jointly issued by seven agencies including MIIT, the National Development and Reform Commission and the Ministry of Transport, CnEVPost reported.

It aims for initial large-scale use of all-solid-state batteries by 2030. It sets a target of 15,000 charge-discharge cycles for long-life lithium batteries and parts-per-billion defect rates for leading manufacturers. Measures include improving interfacial contact, extending cycle life, pressure-system engineering and scaling production of high-performance solid electrolytes, alongside high-voltage, high-capacity cathodes paired with lithium-metal or anode-free designs. Sodium batteries get a mention for cost, safety and resource availability, and the plan backs corporate mergers and restructuring plus faster domestic exploration of lithium and cobalt.

The battery document follows China's 11 September release of a five-year plan for intelligent connected NEVs, which targets a 70% share for NEVs in domestic new passenger vehicle sales by 2030, according to CnEVPost.

Swapping, trucking and a price tag

Elsewhere in the dossier, Electrek reported on 27 September that NIO signed definitive agreements handing a Geely Holding subsidiary 30% of NIO Power at a post-money valuation of about RMB16 billion ($2.4 billion). Most of the consideration is not cash: Geely contributes its commercial battery swap business plus RMB640 million ($94 million), while NIO takes 10% of Geely's charging arm.

At IAA Transportation in Hanover, CleanTechnica reported on 27 September that CATL unveiled its TECTRANS II modular platform, claiming up to 1,000 km of range for heavy-duty trucks and 80% charge in 25 minutes on megawatt charging. Volvo's electric truck range took International Truck of the Year 2027, with series production starting 14 September at Tuve in Gothenburg.

On the passenger side, FAW-Volkswagen's Jetta brand opened pre-sales on Monday for the M6, its first battery electric model, at 80,800 to 99,800 yuan ($11,990). Batteries come from CALB, with 465 km and 555 km CLTC ranges.