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NIO gets lifeline offer of up to $346 million from CATL
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TechNode
NIO and CATL, the world’s top battery maker, will jointly strive to build the largest and most advanced battery swapping service network for passenger vehicles globally.
The companies said (in Chinese) on Tuesday that future models of firefly, NIO’s mini-car brand, will be compatible with Choco Swap, CATL’s battery-swapping ecosystem.
NIO earlier this month received a RMB 2.8 billion cash infusion from two investment firms as part of a RMB 3.3 billion financing package from its three existing state-owned investors, TechNode reported.
The company operates 3,172 battery swap facilities as of writing, already the country’s biggest network of its kind, and said last August that it will expand its battery swap network to more than 2,300 of China’s counties by the end of 2025.
READ MORE: China intensifies focus on EV battery swapping as CATL joins the battle with NIO
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