ใEV: CATL Buys 24.87% of Battery-Swap Firm Qiyuan Xindongli for RMB 2.556bn, Becomes Top Holderใ
CATL will acquire China Power's 24.8726% stake in Qiyuan Xindongli for about RMB 2.556 billion, lifting its holding to 30.3159% and becoming the largest shareholder, while SPIC's China Power exits fully. Qiyuan Xindongli, founded in 2020, pioneered the world's first battery-swapping heavy truck and the truck battery-asset-separation model. It operates over 800 heavy-truck swapping stations nationwide with a market share above 70% and a 30,000-km corridor network, posting 2025 revenue of RMB 9.525 billion and net profit of RMB 356 million. The deal strengthens CATL's swapping footprint, which already spans about 2,000 Choco-Swap stations in roughly 180 cities and over 300 Qiji heavy-truck stations.