Chinese battery manufacturer CATL is negotiating to acquire a controlling stake in Nio’s power division, according to sources familiar with the matter.

Nio Power operates over 3,000 battery swapping stations across China.

This proposed acquisition follows CATL’s announcement of a potential investment of up to 2.5 billion yuan (approximately US$342 million) in Nio Power.

Representatives from CATL declined to comment, while Nio said it is collaborating with various investors, including CATL, to expand its battery swapping network.

Recent CATL developments