CATL Hitches Up With Didi, Broadening Move in Battery Swapping

Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) has set up a battery swapping joint venture (JV) with ride-hailing company Didi Global Inc. to service Didi’s expanding fleet of electric vehicles (EVs).

The tie-up is CATL’s latest foray into battery swapping — dominated by EV-maker Nio Inc. — as it aims to expand beyond production and into downstream businesses that make use of its products. It comes as the world’s No. 1 producer of EV batteries by installed capacity faces growing competition from rivals such as BYD Co. Ltd. (002594.SZ), which produces both vehicles and their batteries.