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.

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,

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.