The world’s largest battery manufacturer, Contemporary Amperex Technology Co. Ltd., has agreed to invest up to 2.5 billion yuan ($346 million) in building out a battery-swapping network across China in collaboration with electric vehicle maker Nio Inc.

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,

CATL's Choco-SEBs will power the new Firefly vehicles, promising to be the universal battery-swapping standard from now on.