China's Nio ties up with CATL to build battery swapping network

Chinese electric vehicle maker Nio (9866) 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.

The two companies will also pursue capital cooperation, with CATL advancing an investment capped at 2.5 billion yuan (HK$2.68 billion) in Nio Power.

REUTERS