Chinese EV maker Nio (NIO) and battery giant Contemporary Amperex Technology Limited (CATL) have disclosed a partnership to build a vast

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.

As part of the deal, CATL is investing up to RMB 2.5 billion in NIO Power, further solidifying their partnership. The agreement involves leveraging their respective strengths in technology, management, and brand influence to create the largest and most advanced battery swapping service network.