BEIJING (Reuters) – Chinese electric vehicle maker Nio announced its partnership with CATL to establish a battery swapping network for cars.
CATL will support Nio in developing the battery swapping network while the battery giant’s Choco-Swap technical standards and network will be introduced to Firefly-branded newly developed models, according to a company statement sent to Reuters on Tuesday.
The two companies will also pursue capital cooperation, with CATL advancing an investment capped at 2.5 billion yuan ($345.6 million) in Nio Power.
($1 = 7.2346 Chinese yuan)
(Reporting by Zhang Yan, Qiaoyi Li and Brenda Goh; Editing by Jacqueline Wong)
