Contemporary Amperex Technology (SHE:300750), or CATL, and China Petroleum and Chemical (HKG:0386, SHA:600028), or Sinopec, signed a strategic cooperation agreement to accelerate China's battery-swapping ecosystem.
The partnership aims to establish at least 500 battery swap stations in 2025, with a long-term goal of reaching 10,000 stations nationwide, according to a Wednesday news release.
The collaboration will leverage Sinopec's energy infrastructure and CATL's battery technology, including Choco-Swap and QiJi battery solutions, to enhance efficiency for passenger vehicles and heavy-duty trucks.
The partnership will integrate energy supply with smart vehicle technology to support China's "dual-carbon" goals and the development of a cost-effective energy replenishment network, according to the news release.
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