Recently, CATL, together with its wholly-owned subsidiary Contemporary Amperex Energy Service Technology Limited (CAES), entered into a battery swapping cooperation framework agreement with FAW Hongqi Auto Sales Co., Ltd. (FAW Hongqi). The three sides will carry out deep collaboration in battery swapping based on the concept of "pursuing common development and win-win cooperation by leveraging complementary advantages," for the purpose of establishing a battery-swapping network featuring convenience and efficiency, which will greatly boost the popularization of battery-swap car models and optimize the energy consumption structure. 

The three parties will fully leverage their combined technological expertise and market reach. By sharing resources and collaborating on innovations, they aim to maximize the benefits of this partnership. This will involve comprehensive engagement in the marketing, battery swapping services, and efficient operation of swappable batteries for Hongqi's Choco-Swap models. 

This collaboration marks a significant milestone in the NEV partnership between CATL and FAW. It also demonstrates the three companies' commitment to actively supporting China's new energy strategy and fostering the industry's sustainable growth. CATL will contribute its leading expertise in new energy technology development and industrialization. CAES will focus on standardized battery swapping technologies and operational innovations. Meanwhile, FAW Hongqi will leverage its strong brand and industry experience to accelerate the development and promotion of battery swap models. 

Together, the three parties will promote the widespread adoption of the standardized Choco-Swap mode. This will provide consumers with a more convenient, cost-effective, and safer electric vehicle experience, driving the broader adoption of electric mobility and zero-carbon lifestyles.