As of the end of July, CATL (SHE: 300750) had constructed over 400 battery swap stations for passenger vehicles, and it is currently on track to achieve its target of 1,000 stations by the end of this year, the battery giant announced at its mid-year performance briefing today.
The company's battery swap business for passenger vehicles and heavy-duty trucks is progressing smoothly, with about 100 battery swap stations for heavy-duty trucks already built, and the number will reach around 300 by year-end, it said.
CATL has jointly launched over 20 models with automotive customers that support battery swap using its Choco-SEB technology, and is collaborating with companies including Sinopec, Nio Inc (NYSE: NIO), and Didi to accelerate the development of the battery swap ecosystem, the company said.
CATL reported a net income of RMB 16.6 billion ($2.3 billion) in the second quarter, up 34 percent year-on-year, according to its financial report released yesterday.
In the first half of the year, the company's net income was RMB 30.5 billion, up 33 percent year-on-year.
Its revenue in the second quarter was RMB 94.2 billion, bringing the first half of the year's revenue to RMB 178.9 billion, up 16.80 percent year-on-year.
Currently, Nio is the main player in the battery swap field, with 3,425 battery swap stations in China, 1,000 of which are located along highways.
CATL announced its battery swap brand EVOGO in January 2022, officially entering this new field.
In December 2024, CATL made a major update to its battery swap business, announcing two standardized Choco-SEB battery packs.
The company unveiled an ambitious infrastructure development plan at that time, stating that it aimed to have 1,000 battery swap stations by the end of 2025, with a medium-term goal of building 10,000 stations.
To date, CATL has entered into cooperation agreements on battery swap business with companies including Changan Automobile, Wuling, FAW Group, SAIC Motor, and Sinopec.
In March this year, it announced a partnership with Nio to jointly build the world's largest and most advanced battery swap service network for passenger vehicles.
At the end of last month, CATL's board secretary Jiang Li told the Financial Times that the company planned to introduce its battery swap and recycling technologies to Europe.
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