Nio and CATL have signed a new strategic partnership in Ningde, a city in Fujian province, China.
Together, the companies will work to advance the high-quality development of the new energy vehicle (NEV) industry by developing a new battery swapping network for passenger vehicles across the full range of products. Through this network, Nio and CATL are ultimately looking to unify industry technical standards, enhance capital and business collaboration, and provide efficient recharging solutions for users.
To demonstrate their shared commitment to this new partnership, the companies will further pursue capital co-operation. To this end, CATL is advancing an investment capped at RMB 2.5 billion ($345.8 million / €317.4 million / £266.6 million) in Nio Power, Nio’s network of battery swap stations and charging solutions, to maximize synergies throughout their partnership.
At a signing ceremony, Mr. Yang Jun, the General Manager of Battery Swap Business of CATL, and Dr. Shen Fei, Senior Vice President of NIO, signed the agreement, with William Li, Founder, Chairman, and CEO of NIO, and Dr. Robin Zeng, founder, chairman and CEO of CATL on-site to witness the event. The ceremony was also attended by Stanley Qu, CFO of NIO, Alan Zeng, Senior Vice President of NIO, David Han, Co-President of Sales & Marketing System of CATL, James Wang, Chief Investment Officer of CATL, and Joseph Zheng, CFO of CATL, and other distinguished guests.
Under their agreement, Nio and CATL will jointly develop a large, advanced, battery swapping service network for passenger vehicles that leverages their respective experiences in technology, management, and platforms. The companies are jointly looking to strengthen the sharing of their battery swapping networks, while more broadly working to accelerate the adoption and advancement of battery swapping services.
CATL will support Nio in developing the new battery swapping network, while its Choco-Swap technical standards and network will be integrated into Nio’s new vehicle brand, Firefly. At the same time, the networks offered by both companies will operate in parallel, as they aim to provide EV users in China with a more seamless and efficient swapping experience to make BEV travel more convenient.
Beyond the joint battery swapping network, the companies will aim to support the formulation and adoption of national standards for battery swapping technologies in China, working to enhance battery compatibility across various brands and models. Here, they will aim to establish a complete lifecycle loop that encompasses battery R&D, swapping services, asset management, reutilization, and material recycling, to reduce costs and improve efficiency across the entire value chain of new energy vehicles while ensuring safety.
