CATL Buys 24.87% Stake in Qiyuan Green Power for €330 Million

CATL has agreed to acquire a 24.87% stake in Qiyuan Green Power for 2.56 billion yuan, or approximately €330 million, strengthening the Chinese battery maker’s position in the country’s growing heavy-duty electric truck battery-swapping sector. Qiyuan Green Power is part of China Power, a subsidiary of state-owned State Power Investment Corporation, and is currently regarded as one of China’s largest operators of battery-swapping infrastructure for heavy-duty trucks.

CATL Expands Battery-Swapping Position

According to Car News China, citing a contract signed by the two companies, the transaction values Qiyuan Green Power at approximately 10.275 billion yuan, around 120% above its book value.

Following completion, CATL is expected to become Qiyuan Green Power’s largest shareholder with its nearly 25% stake.

The investment expands CATL’s activities beyond battery manufacturing into infrastructure and energy services for commercial electric vehicles. It also brings Qiyuan Green Power’s existing battery-swapping network closer to CATL’s own Qiji battery-swapping business.

Two Battery-Swapping Systems

The transaction combines two different approaches to battery swapping for heavy-duty electric trucks.

Qiyuan Green Power’s system integrates the swappable battery into the rear structure of the truck. According to Car News China, the design is compatible with more than 80% of existing battery-swapping heavy-duty trucks in China.

The system is primarily used in closed or semi-public operating environments, including mines, ports, steelworks and urban construction sites.

CATL’s Qiji system uses a different architecture, positioning swappable batteries within the truck chassis. The company also applies the broader Qiji approach to passenger cars and vans, using standardised batteries in different sizes.

For electric trucks, CATL uses its Choco-SEB system with the #75 battery. The SEB name refers to “Swapping Electric Blocks”, while the Choco designation describes the battery architecture made up of individual blocks.

The #75 battery has a capacity of 171 kWh and uses LFP cells. CATL primarily targets the national motorway logistics network with the Qiji system.

Battery-Swapping Networks Expand

Qiyuan Green Power was expected to operate around 1,600 charging and battery-swapping stations across 208 prefecture-level cities by the end of 2025.

CATL’s Qiji network was projected to reach around 300 stations by the end of 2025, with plans to expand to 900 stations during the year.

The combination of the two businesses could give CATL access to a substantially broader battery-swapping footprint for commercial vehicles in China.

China Develops Multiple Truck Swapping Standards

Battery swapping for heavy-duty electric trucks has expanded rapidly in China, with multiple technical approaches operating in parallel.

Klaus Sekot, Managing Director of Bosch MC Battery Service Innovations, said in an interview with electrive that three different battery-swapping standards for trucks currently coexist in China.

Bosch MC Battery Service Innovations was established in 2025 as a joint venture between Bosch and Mitsubishi Corporation to focus on Battery-as-a-Service solutions. The company has since launched its first customer project at a truck battery-swapping station in Chizhou.

Sekot said China has deliberately supported battery swapping since the early 2020s as part of its industrial policy. Nearly 30,000 heavy-duty trucks equipped with swappable batteries were registered in China during 2024, according to his assessment.

CATL’s investment in Qiyuan Green Power comes as the Chinese market continues to develop battery swapping as an alternative energy model for high-utilisation electric trucks, particularly in applications where vehicle downtime and charging infrastructure requirements are major operational considerations.