China's Nio ties up with CATL to build battery swapping network

Reuters03-18

BEIJING, March 18 (Reuters) - Chinese electric vehicle maker Nio 9866.HK announced its partnership with CATL 300750.SZ 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, according to a company statement sent to Reuters on Tuesday.

The two companies will also pursue capital cooperation, with CATL advancing an investment capped at 2.5 billion yuan ($345.6 million) in Nio Power.

($1 = 7.2346 Chinese yuan)

(Reporting by Zhang Yan, Qiaoyi Li and Brenda Goh; Editing by Jacqueline Wong)

((qiaoyi.li@thomsonreuters.com;))

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