Ningde times to hold NIO Energy, power market domination of the world? New energy rivers and lakes: both competitive, but also decide life and death!

A capital marriage that rewrites the industry landscape

In April 2025, a negotiation news between the global Power battery hegemon Ningde Times and the new forces of car manufacturing on behalf of NIO detonated the industry - Ningde Times planned to acquire the controlling interest of NIO Power. If the deal is reached, the deep binding of the "Ning Wang" and the "power change pioneer" will restructure the territory of China's new energy vehicle replenishment market, and even accelerate the standardization and popularization of the power change mode.
The ambition of Ningde era: from battery manufacturer to energy ecological hegemon
In 2024, Ningde Era sat firmly on the global power battery leader throne with a net profit of 50.745 billion yuan, but the hidden concern of a 9.7% year-on-year decline in revenue appeared. As the price war compresses battery profit margins, relying solely on the manufacturing side of growth is difficult to sustain. Zeng Yuqun, chairman of Ningde Times, has repeatedly emphasized the transformation to a "comprehensive green energy service provider", and the power change business is the core of its strategy.
Ningde Times has launched the "chocolate power change" standardized battery block, plans to build 1,000 power change stations, and joint social forces to build 30,000 power change stations. By holding NIO Energy, Ningde Times can quickly integrate the 3,182 power stations that have been built by NIO (accounting for nearly one-third of the country's total), absorb its operational experience, and accelerate the realization of the "county to county" power network goal.
In addition to changing power stations, Ningde Times also aims at battery asset management. Wuhan Weineng (the core of WEilai BaaS model), in which it holds 10.68%, manages over 20GWh battery assets. If it further increases its holding, Ningde Times will open up the whole chain of "battery production - leasing - recycling", shift from "selling batteries" to "selling services", and lock in long-term earnings.
Second, Weilai's choice: break arm to survive or take advantage of the situation to break through?

The "sweet burden" of the power change network NIO built a moat with 3,000 + power change stations, but the high construction and operating costs expanded its loss to 22.4 billion yuan in 2024. Even if the power exchange service is gradually opened to Tesla and BYD, the asset-heavy model is still difficult to solve the thirst for cash flow.
The sale of a controlling stake in NIO Energy can ease the financial pressure on NIO, while retaining the strategic value of the power change network. The "dual network parallel" mode of cooperation between the two parties (NIO exclusive station + Ningde era standardization station) can not only maintain user experience, but also promote technology output to more brands. For example, the third brand of NIO "Firefly" has planned to introduce the Ningde era power replacement standard.
Third, the future of the power exchange market: Unified standards VS technology game
The current power exchange market is facing the pain point of interface and battery specifications are not uniform. Ningde Times jointly launched 10 electric replacement models with Changan, GAC and other car companies, and promoted the unification of standards with the help of WEilai network. If successful, it may become the "China oil in the field of power replacement", leading the industry rules.
Technologies such as BYD's "Megawatt flash charge" (5 minutes full) are weakening the competitiveness of the power exchange model. However, electric replacement has significant advantages in the high-frequency use scenario of commercial vehicles (such as heavy trucks and taxis), and the sales volume of electric replacement heavy trucks has reached 38.4% in 2024. The ten thousand power station change plan built by Ningde Times in cooperation with Sinopec will rely on the network of gas stations to achieve "the same station of oil and electricity" and form differentiated competitiveness.
The national "Strategic Planning Outline for Expanding Domestic Demand" clearly supports the power replacement model, and the Ministry of Finance is exempt from battery purchase tax on power replacement models. The goal of "full coverage of intelligent power replacement network in 2030" planned by the Ministry of Industry and Information Technology has injected a strong dose into the industry.
Fourth, industry changes: from solo to ecological competition and cooperation
Behind the holding of NIO Energy by Ningde Times is the epitome of the transformation of the new energy automobile industry from "manufacturing-driven" to "service-driven".