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4w ago

CATL Eyes Control of Nio Power as Sinopec Partnership Targets 10,000 Battery Swap Stations

CATL is negotiating a controlling stake in Nio Power, aligning with Sinopec to expand China's battery swap network and standardize EV infrastructure.

Employees work on the production line at a factory of Chinese electric vehicle (EV) maker Nio in Hefei, Anhui province, China April 2, 2025. REUTERS/Florence Lo/File Photo

Overview

  • CATL is in advanced discussions to acquire a controlling stake in Nio Power, which operates over 3,000 battery swap stations in China.
  • Sinopec and CATL have formalized plans to build 10,000 battery swap stations, with 500 targeted for completion in 2025.
  • The partnership between Sinopec and CATL aims to create a standardized, fast battery-swapping experience and support China's green infrastructure goals.
  • Nio Power's investments in battery swap stations have strained its profitability, prompting potential divestments like the CATL acquisition talks.
  • CATL's 'Choco-Swap' ecosystem, featuring standardized battery models, is being integrated into Nio's Firefly sub-brand to reduce costs and expand compatibility.