Written by Cláudio Afonso | LinkedIn | X
Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest battery manufacturer, is reportedly in talks to acquire a controlling stake in Nio’s battery-swapping/charging unit, according to a Reuters report citing people familiar with the matter. The size and terms of the potential deal were not disclosed.
When approached by Reuters, Nio declined to comment directly on the reported transaction and said that CATL is among “multiple investors” helping to build its battery-swapping network.
“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 EV maker said, referring to the partnership extension agreement recently signed.
In a separate comment to China’s National Business Daily, a CATL spokesperson declined to confirm the deal, stating only: “No further information.”
In the latest development, Nio’s ‘head of power industry cooperation’, Yu Xiwei, addressed the speculation on Wednesday through a post on the Nio App.
While not confirming CATL’s interest in a controlling stake, Yu said the company’s effort in battery-swapping has drawn attention from numerous “excellent companies.”
“This question is beyond my authority,” Yu wrote in his answer to a Nio App user. “But I think Nio’s efforts over the past decade have been widely recognized by all sectors of society. While attracting talents, it has also attracted the attention of many excellent companies. Some people appreciate us, which is also the driving force for our continuous efforts.”
In his original post, Yu announced that the company has confirmed industrial partners across 15 Chinese provinces while adding that “the number is increasing.” The executive said the partners will work with Nio to build “China’s largest battery swap network with complete independent intellectual property (IP) rights.”
CATL agreed in March to invest up to 2.5 billion yuan ($342 million) in Nio’s subsidiary under a broader strategic cooperation framework, which includes infrastructure development and capital support.
“CATL will support Nio in developing the battery swapping network, while its Choco-Swap technical standards and network will be introduced to the subsequent newly developed models of firefly, Nio’s new brand,” the battery maker said in a statement.
CATL’s Mirattery Investment
CATL is reportedly also increasing its exposure to battery-swapping through Mirattery, a Nio-backed battery asset management firm based in Wuhan. Local tech media outlet 36Kr reported on March 20 that CATL is planning to boost its investment in the company.
Mirattery was founded in 2020 with capital from CATL, Nio, Guotai Junan, and Hubei Science Technology Investment. CATL currently holds a 10.68% stake in the venture, which surpassed 20 GWh of managed battery assets in December.
The investment aligns with Nio’s Battery Swap Partner Program, launched last year, which allows third-party investors to build battery swap stations while Nio focuses on operations. The initiative aims to accelerate deployment while reducing Nio’s own capital burden.
As of Wednesday, Nio operated 3,249 battery swap stations in China, with more than 70.7 million cumulative swaps. The company recently adjusted its annual target and now plans to add 1,800 to 2,000 new stations in 2025.
Nio’s U.S.-listed shares closed 6.55% lower on Tuesday at $3.14 after having reached a new 5-year low earlier in the day at $3.02. As of Wednesday’s pre-market session, shares are up 3.5%.
