Contemporary Amperex Technology (SHE:300750), or CATL, and NIO (HKG:9866, SGX:NIO) will create a joint battery swapping network for cars, the global battery firm said Tuesday.
CATL will help the Chinese auto manufacturer develop its battery-swapping network while the battery company will introduce its Choco-Swap technical standards to users of Nio's Firefly-branded newly-developed models.
Meanwhile, Nio Power will also receive a capital investment of up to 2.5 billion yuan from CATL, the car manufacturer said separately Monday.
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