Written by Cláudio Afonso | LinkedIn | X
A Reuters report earlier on Monday said the world’s largest battery maker, CATL, was in discussions to buy a controlling stake in the Nio Power unit, which the EV maker recently carved out and is seeking to grow through external funding and partnerships.
When contacted by the Chinese newspaper National Business Daily for confirmation, a spokesperson from Contemporary Amperex Technology Co. Ltd — also known as CATL — answered: “No further information.”
Approached separately by Reuters earlier in the day, the EV maker did not directly address questions about the potential deal but noted that CATL is among “multiple investors” that jointly build battery-swapping stations.
“Nio and CATL will deepen collaboration on capital and business and further consolidate the strategic partnership to jointly build the largest battery swapping network globally,” the company said in response to a Reuters request, citing a partnership extension signed last week.
The discussions come amid Nio’s increasing reliance on third-party funding to expand its energy infrastructure. Under its “Battery Swap Partner Program” launched in 2024, external partners build battery swap stations while Nio handles operations.
In last week’s signing, CATL agreed to invest up to 2.5 billion yuan ($342 million) in Nio’s energy business under a broader cooperation deal that includes capital support and infrastructure development.
As of Monday, Nio operated 3,245 battery swap stations across China and has provided over 70 million battery swaps. The company plans to add between 1,800 and 2,000 new stations this year after slightly adjusting its target.
Reuters reported that the sources did not disclose the value of CATL’s potential offer. One person familiar with the matter said Nio Power was valued at over 10 billion yuan in a 2024 fundraising round.
The report comes shortly after Nio’s former head of Nio Power, Shen Fei, took over as head of the automaker’s new sub-brand Onvo.
Nio’s U.S.-listed shares closed 2.89% lower on Monday at $3.36 after having reached a new 5-year low earlier in the day at $3.18.
