CATL has secured a major position in China’s commercial vehicle energy sector by acquiring a significant stake in Qiyuan Green Power. The deal not only makes CATL the largest operator of heavy-duty truck battery swapping networks in China, but also integrates two leading battery-swapping technologies under one roof.
CATL Acquires Stake in Qiyuan Green Power
CATL has signed a contract to acquire a 24.8726% equity stake in Qiyuan Green Power for $379.9M (~AUD 530.1M). This acquisition values Qiyuan Green Power at approximately $1.5B (~AUD 2.1B), representing a premium of about 120% over its book value. Once registration processes are complete, CATL is expected to become the largest shareholder of Qiyuan Green Power.
Qiyuan Green Power operates under China Power, a subsidiary of the State Power Investment Corporation, and is currently the biggest heavy-duty truck battery-swapping network operator in China.
Integrating Two Battery Swapping Technologies
The acquisition allows CATL to bring together two major battery-swapping systems. Qiyuan Green Power’s rear-mounted swapping technology is compatible with over 80% of existing battery-swapping heavy trucks in China and is commonly used in environments such as mines, ports, steel mills, and urban construction sites.
Meanwhile, CATL’s own Qiji brand uses a chassis-based swapping system built on the ‘No. 75’ standard chassis solution, targeting new, standardised heavy trucks and the national highway logistics network.
Expanding Battery Swapping Networks Across China
By the end of 2025, Qiyuan Green Power had established more than 1,600 charging and swapping stations across 208 prefecture-level cities, with a cumulative operational mileage exceeding 4.4 billion km (~2.7 billion miles). In comparison, CATL’s Qiji brand operated around 300 stations by the end of 2025, with a target of 900 stations for 2026 to build a ‘five horizontal and five vertical’ backbone network along China’s major highway corridors.
For passenger vehicles, CATL had 2,000 Choco-SEB swapping stations operating nationwide as of the first half of 2026, aiming for 3,000 stations by the end of the year. CATL’s light truck battery swapping is currently available in the Pearl River Delta region.
Competitor Comparison
CATL’s move places it ahead of other battery-swapping operators in China’s heavy-duty truck sector. While Qiyuan Green Power already led the market in station count, the integration with CATL’s Qiji brand and its expanding passenger and light truck swapping networks further strengthens CATL’s dominance. Other competitors in the battery swapping space have not matched this scale or the integration of multiple technical paths.
Historical Context
CATL maintained a 39.2% global power battery market share in 2025, with its EV batteries accounting for 73.6% of total sales. The company’s battery swapping operations have grown alongside a 17% year-over-year increase, reflecting strong momentum in both domestic and global markets.
Why this matters
This acquisition solidifies CATL’s leadership in China’s commercial vehicle battery swapping market, enabling broader compatibility and coverage for heavy-duty trucks. By integrating two major swapping technologies and expanding its station network, CATL is positioned to support the rapid electrification of logistics and industrial transport across China.
What this means for buyers
For fleet operators and logistics companies, CATL’s expanded network offers greater flexibility and coverage for battery-swapping heavy trucks. Buyers can expect improved access to both rear-mounted and chassis-based swapping solutions, especially as CATL accelerates the rollout of new stations along key highway corridors. Those operating in regions like the Pearl River Delta or major industrial zones will see immediate benefits from the integrated network.
Related coverage from The Electric Viking
For more on CATL’s battery technology and market moves, see CATL’s Qiji Battery Swapping: How It Works and Why It Matters and China’s Battery Swapping Race: CATL vs NIO.
Key Specs
- Acquisition Price: $379.9M (~AUD 530.1M)
- Qiyuan Green Power Valuation: $1.5B (~AUD 2.1B)
- Qiyuan Green Power Station Count (end 2025): 1,600+
- Qiyuan Green Power Operational Mileage: 4.4 billion km (~2.7 billion miles)
- CATL Qiji Station Count (end 2025): 300
- CATL Qiji Target Station Count (2026): 900
- Choco-SEB Passenger Vehicle Stations (H1 2026): 2,000
- Choco-SEB Target Stations (2026): 3,000
Source
Images sourced from: ttnews.com
