China's NIO: Catl Currently Advancing Investment Capped at 2.5 Bln Yuan in NIO Power

NIO HK shares soared 8% on the news.

Nio (NYSE: NIO) today announced that it has partnered with CATL (SHE: 300750) to create the world's largest and most advanced battery swap network for passenger cars.

CATL will help Nio develop its battery swap network, while its Choco-Swap technology standard and network will be introduced into subsequent newly developed models under Nio's new Firefly brand.

Both networks will operate in parallel to provide electric vehicle users with a more seamless and efficient battery swap experience, making it easier to travel with pure electric vehicles.