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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.