A Qiyuan Green Power swapping station. Credit: Qiyuan Green Power Understand China EV’s Market Real-time notifications when critical EV data is released All important data in one place 2,000,000+ data points Become a member CATL has officially signed a contract to acquire a 24.8726% equity stake in Qiyuan Green Power for 2.556597 billion yuan (370 million USD), marking a leap to becoming a dominant operator in the commercial vehicle energy sector. Qiyuan Green Power is the biggest heavy-duty truck battery-swapping network operator in China under China Power, a subsidiary of the Chinese central state-owned enterprise State Power Investment Corporation. The deal values Qiyuan Green Power at approximately 10.275 billion yuan (1.5 billion USD), representing a premium of about 120% over its book value. Upon completion of all registration processes, CATL is expected to become the largest shareholder of the company. Integrating two technical pathsThe move allows CATL to integrate two battery-swapping technologies under one industrial umbrella: Rear-Mounted Swapping (Qiyuan Green Power): Known for high compatibility, this system fits over 80% of existing battery-swapping heavy trucks in China. It is predominantly used in closed or semi-closed environments such as mines, ports, steel mills, and urban construction sites. Chassis-Based Swapping (CATL’s “Qiji” Brand): Utilising the “No. 75” standard chassis-based solution, this system is optimised for new, standardised heavy trucks and targets the national highway logistics network. By the end of 2025, Qiyuan Green Power had established over 1,600 charging and swapping stations across 208 prefecture-level cities, with a cumulative operational mileage exceeding 4.4 billion km. In contrast, CATL’s Qiji brand had around 300 stations by the end of 2025, with a target of 900 stations for 2026 to create a “five horizontal and five vertical” backbone network across China’s major highway corridors. CATL’s battery swapping footprint A choco-SEB swapping station for passenger cars. Credit: CATL Passenger vehicles: 2,000 Choco-SEB swapping stations were already operating nationwide as of the first half of 2026, with a target of 3,000 stations by 2026. A choco-SEB swapping station for light trucks. Light truck: currently operating in the Pearl River Delta region. A Qiji swapping station for heavy-duty trucks. Heavy-duty truck: there were 300 Qiji heavy truck swapping stations by the end of 2025. Most important news in your inbox. Recaps · scheduled All you need, in one email. Instant alerts · real-time Ping me when an article goes live. 0 of 27 topics selected Bundle into one email per day — instead of one email per article No spam · Unsubscribe with one click · Change settings anytime
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