Contemporary Amperex Technology Co., Limited (CATL) has signed an agreement to acquire a 24.8726% stake in Qiyuan Green Power for 2.556597 billion yuan, or about 370 million USD. The transaction gives CATL a larger role in China’s commercial vehicle energy market and is expected to make the company the largest shareholder once the required registration procedures are completed.
Qiyuan Green Power is China’s largest heavy-duty truck battery-swapping network operator and operates under China Power, a subsidiary of the state-owned State Power Investment Corporation. The deal values Qiyuan Green Power at roughly 10.275 billion yuan, or about 1.5 billion USD, which represents a premium of around 120% over its book value.
The acquisition brings together two battery-swapping approaches under one industrial structure. Qiyuan Green Power specializes in rear-mounted swapping systems, which are designed for broad compatibility and are used in more than 80% of existing battery-swapping heavy trucks in China. This model is mainly deployed in closed or semi-closed environments such as mines, ports, steel mills, and urban construction sites. CATL’s own Qiji brand uses a chassis-based swapping solution built around the “No. 75” standard and is aimed at new, standardized heavy trucks serving the country’s highway logistics network.
By the end of 2025, Qiyuan Green Power had built more than 1,600 charging and swapping stations across 208 prefecture-level cities, with cumulative operating mileage exceeding 4.4 billion kilometers. CATL’s Qiji brand had about 300 stations by the end of 2025 and is targeting 900 stations in 2026 as part of a planned “five horizontal and five vertical” backbone network across major highway corridors in China.
CATL’s broader battery-swapping network also includes 2,000 Choco-SEB swapping stations for passenger vehicles operating nationwide in the first half of 2026, with a goal of reaching 3,000 stations by 2026. Its light truck swapping operations are currently concentrated in the Pearl River Delta region.
Source: CarNewsChina
