At the end of February, Li's stake in Nio was 10.5 percent, with 44.2 percent of the voting rights. CYVN will hold a 20.1 percent stake in Nio after its latest investment.
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Li said the battery swap business could become profitable if it averages 60 orders per station per day, and that figure has already reached 80 in Shanghai.
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With full control over all core processes of vehicle production, Nio will be able to improve its manufacturing efficiency and have more leverage in the fierce competition.
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Nio said it will acquire the manufacturing equipment and assets of the F1 and F2 plants from JAC for a total consideration of about RMB 3.16 billion.
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As JAC's deal to sell its factory assets comes to a deadline, rumors that Nio will buy them and announce its own car-making qualifications are circulating widely on Chinese social media.
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The two will build luxury smart connected EVs based on Huawei's smart car solutions, with product development under the overall responsibility of JAC.
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After Changan, Geely, JAC may also join Nio's battery swap system, local media said.
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Nio's battery swap system will go from private domain exclusive service to public service and is expected to turn a profit, local media said.
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Geely becomes the latest Chinese auto giant after Changan to enter into a partnership with Nio on battery swap.
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Huawei will set up a company engaged in the R&D and production of smart driving systems and components, in which Changan plans to acquire no more than a 40 percent stake.
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