Select Language:
On November 4th, Weineng Battery Asset, a joint venture between Chinese automaker Nio and leading battery manufacturer Contemporary Amperex Technology, successfully raised 670 million yuan (approximately $94 million) to support research and development efforts as well as expand its business operations.
The latest funding round was led by Nio and CATL, with additional backing from two new state-owned investors—one based in Haining, Zhejiang Province, and the other in Chengmai, Hainan Province, the Wuhan-based company revealed yesterday.
Founded in 2020, Weineng specializes in managing the entire lifecycle of electric vehicle batteries and promoting China’s battery swap ecosystem. The company indicated that the funds will help ensure financial stability and foster long-term growth.
The joint venture currently oversees more than 30 gigawatt-hours of operational battery assets and provides services to over 400,000 users, it added.
Nio, which was established in 2014, was among the first Chinese EV manufacturers to adopt the battery swap model, allowing customers to lease batteries and thus purchase vehicles at reduced prices. The company has since become China’s largest operator of battery swap stations, with 3,553 swap stations and 4,776 charging points across the country, according to its official website.
In March, Nio and CATL announced a plan to deepen their collaboration in battery swapping, with CATL committing up to 2.5 billion yuan (around $340 million) in investments into Nio’s subsidiary, Nio Energy Investment. The partnership aims to develop a comprehensive battery swapping network that can support multiple EV brands, broadening the ecosystem beyond Nio’s own vehicles.
ChatGPT
Perplexity
Gemini AI
Grok AI
