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The two companies will also pursue capital cooperation as part of the partnership signed in Ningde, Fujian province, with CATL investing up to RMB 2.5 billion (about $350 million) in Nio Power.
NYSE-listed shares of Chinese EV-maker Nio Inc (NIO) gained over 4% on Tuesday morning after the company said it has entered into a partnership with battery manufacturer Contemporary Amperex Technology Co. (CATL) to build a battery swapping network for passenger vehicles jointly.
The two companies will pursue capital cooperation as part of the partnership signed in Ningde, Fujian province. CATL will invest up to RMB 2.5 billion (approximately $350 million) in Nio Power, the company said.
Nio CEO William Li said in a post on social media platform X that the jointly built battery swap network will be “the world’s largest.”
Meanwhile, CATL said that its Choco-Swap technical standards and network will be introduced to the newly developed models under Nio’s sub-brand Firefly.
“The networks of both parties will operate in parallel, offering EV users a more seamless and efficient swapping experience, thus making BEV travel more convenient,” CATL said.
Unlike several of its rivals, including Tesla, Nio offers battery swapping and charging options for its electric vehicles. A battery swap, Nio says, saves the driver time as it takes only three minutes. Nio currently has over 3000 battery swap stations in China.
In February, Nio's deliveries rose more than 62% year over year to 13,192 vehicles, with the NIO brand accounting for 9,143 and ONVO for 4,049 vehicles. While that was better than rival Li Auto's nearly 30% jump, it fell short of Xpeng's 570% surge.
On Stocktwits, retail sentiment on Nio stock climbed into the ‘extremely bullish’ territory (75/100) from 'bullish' a day ago. The move was accompanied by high message volume.
Most Stocktwits user comments indicated a positive take on the shares.
NYSE-listed shares of NIO have gained over 10% in 2025 but are down over 9% in the past 12 months.
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