CATL has signed an agreement to acquire 24.8726% of Qiyuan Green Power for $370 million. Upon completion of the deal, CATL will become the largest shareholder of the company and will effectively gain control over China's largest heavy-duty truck battery swap network.

Qiyuan Green Power is owned by China Power, a subsidiary of the state-owned State Power Investment Corporation. By the end of 2025, the network had more than 1,600 charging and battery swap stations in 208 cities, and the total mileage of serviced trucks exceeded 4.4 billion km.

The main significance of the deal is the unification of two different approaches. Qiyuan uses a battery replacement system installed behind the cab: this scheme is compatible with more than 80% of existing trucks with swappable batteries and is particularly suitable for mines, ports, metallurgical enterprises, and construction sites.

CATL is developing a different system — Qiji, where the battery is swapped from below through a special chassis. It is designed for new standardized trucks and long-haul highway transportation. By the end of 2025, Qiji had about 300 stations.

CATL gains not just a large network, but also the opportunity to combine the compatibility of existing transport with its own standardized architecture. This is especially important for freight transportation: replacing a discharged battery takes significantly less time than fully charging a large battery.