The world’s largest battery manufacturer, Contemporary Amperex Technology Co. Ltd., has agreed to invest up to 2.5 billion yuan ($346 million) in building out a battery-swapping network across China in collaboration with electric vehicle maker Nio Inc.

Chinese EV maker Nio (NIO) and battery giant Contemporary Amperex Technology Limited (CATL) have disclosed a partnership to build a vast

CATL and Nio have signed an agreement to support each other by establishing a nationwide battery-swapping network in China that use both Nio's swap tech and CATL's Choco-swap technology. CATL's Choco-swap offers batteries for subcompact to midsized cars ranging from 42 kWh to 70 kWh.