Chinese EV maker Nio and its battery supplier and investor Contemporary Amperex Technology Co. Ltd. (CATL) have established a new joint venture in Wuhan.
The new firm, Weineng (Wuhan) Battery Technology Co., Ltd., is wholly owned by Wuhan Weineng Battery Asset Co., Ltd.
Also known as Mirattery, the company jointly backed by Nio, CATL, Guotai Junan and Hubei Science and Technology Investment.
The entity has a registered capital of 100 million yuan ($13.8 million) and will focus on battery leasing, recycling and the secondary utilization of retired power batteries, as well as electric-vehicle charging operations, corporate filings show.
The new joint venture company comes as Nio’s battery-asset structure has drawn renewed scrutiny following a lawsuit filed by Singapore’s sovereign wealth fund GIC in the United States.
The fund alleged that Nio and its management inflated revenue by “over $600 million” through Weineng, echoing a 2022 report by short-seller Grizzly Research that compared the firm’s relationship with Weineng to Valeant’s use of Philidor.
Nio and CATL — the world’s largest battery maker — continue deepening cooperation and expanding ties across multiple fronts this year.
In March, CATL agreed to invest up to 2.5 billion yuan ($346 million) in Nio Power, the EV maker’s energy and battery-swap business, with a focus on building a unified national swap network and developing shared industry standards.
A few weeks later, Nio Power’s chief and longtime Nio executive left the unit to lead the sub-brand Onvo.
To replace Shen Fei, the company named its chief financial officer Yu Qu.
Mirattery — also known as Weineng Battery Asset Co. — was founded in August 2020 to support Nio’s Battery-as-a-Service (BaaS) model, which allows drivers to lease batteries separately from their vehicles.
At its launch, Nio, CATL, Guotai Junan and Hubei Science and Technology Investment each held a 25% stake.
Over time, Nio became the largest shareholder with a 19.4% stake, while CATL and Hubei Science and Technology Investment each hold 10.68%.
The battery-asset company said in July that its operational capacity has exceeded 27 GWh, serving more than 350,000 users in China.
By managing battery assets across their full life cycle, Mirattery aims to improve utilization and recycling efficiency throughout the EV supply chain.
In July, Mirattery also signed a new strategic cooperation agreement with CATL, covering equity investment, battery rental services, and co-construction of battery-swap networks.
The companies did not disclose how much CATL increased its stake under the agreement.
The new joint venture adds to CATL’s broader expansion into battery-swapping technology.
Last December, the world’s largest EV battery maker unveiled its own “Chocolate Swap” system, using standardized modules designed to enable cross-brand compatibility.
Nio has previously described Weineng as an independent company established to operate its BaaS model, which separates the cost of the battery from the car and allows customers to swap depleted packs for fully charged ones within minutes.
Last April, Nio CEO William Li dismissed a report suggesting CATL was seeking a controlling stake in Nio Power, telling customers in a group chat: “Don’t believe or spread rumors.”
