NIO Stock Rises on CATL Sign EV Battery Swap Agreement | Global News Avenue

Nio listed stocks (Neo) On Tuesday, when electric vehicle (EV) manufacturers and the world’s largest battery maker, Contemporary Ampere Technology or CATL agreed to develop a battery-switching network in China to help drivers avoid slowing recovery.

Nio said the deal between the two Chinese companies will benefit passenger cars from a wide range of products, “unifying industry technical standards, enhancing capital and commercial collaborations, and providing users with effective charging solutions.” It added that the collaboration will “create the largest and most advanced battery-switching service network for passenger cars, leveraging their advantages in technology, management, platform and brand influence.”

Battery swap allows the EV driver to switch its exhausted battery to a fully charged one, eliminating the need to spend time on a charging station.

In addition, NIO and CATL plan to engage in capital cooperation. No financial considerations were disclosed.

Nio CEO calls the agreement “critical moment” to exchange battery

Nio CEO William Li called the agreement “a critical moment” and it will “swap the battery into a whole new phase.” Lee explained that through collaboration with CATL, “Nio’s switching network will expand to more regions and provide better services” and promote “mutual authorization in technical standards and service systems”.

Nio noted that it continues to expand its power exchange network, and it is expected to cover “more than 2,300 county-level divisions in 27 provincial administrative regions.”

Nio-listed stocks cut earnings immediately after the opening clock, and recently improved by 1.5%, down nearly 10% from last year.