CATL, Nio Sign $346 Million Deal to Expand Battery-Swapping Grid
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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.
The partnership agreement, signed in the southeastern city of Ningde, where CATL is based, will see the two companies work together on expanding their EV battery-swapping network, consolidating technical standards and enhancing business cooperation, according to a statement released by Nio on Tuesday.