CATL and Chery Join Forces on “Ultra-Swap” Network: A New Variable in the Battery Swap Supply Chain

Core Data The Partnership

Dimension Detail

Signing date April 25, 2026, Beijing Auto Show

Parties involved Chery Auto + Chery Green Energy + CATL + Time Electric Services

Product scope At least 3 battery-swappable models across Chery, Exeed, iCAR brands by 2027

Battery technology CATL’s standardized Choco-SEB swappable blocks; No. 26 battery launched April 2026 with 800V architecture and initial 75 kWh version

Target network Integration into CATL‘s “Ultra-Swap” shared network

CATL Swap Network Scale (2026 Targets)

Network 2026 Target Long-Term

Choco-SEB (passenger) 3,000+ stations in 140+ cities 30,000 stations

Ultra-Swap (shared) 4,000 stations in 190+ cities, 12+11 highway network 100,000+ stations by 2028 (with partners)

CATL‘s Partner Ecosystem for “Ultra-Swap” First-tier partners include: Changan, Chery, GAC, Seres, SAIC-GM-Wuling Chery’s Global Reach (Context)

Q1 2026 exports: 393,311 units, up 53.9% YoY

March 2026 single-month exports: nearly 150,000 units, new industry record

European NEV exports (January–February 2026): 11,484 units, up 250% YoY;

Chinese brands: for every 5 exported vehicles, 1 is Chery; for every 5 Chery NEVs exported, 1 goes to Europe

In-Depth Analysis 1. From vertical integration to horizontal sharing NIO has proven that battery swap can work — but at a cost. Its vertically integrated model requires NIO to manufacture both the vehicles and operate the swap stations, with the entire network dedicated to its own brand. The result is a capital-intensive infrastructure that only scales as fast as NIO‘s own sales. CATL is taking a different approach. By offering standardized “Choco-SEB” swappable blocks — compatible with vehicles from multiple automakers — CATL is building a shared network where infrastructure costs are distributed across a larger user base. Chery is now the fourth major automaker to join CATL’s “Ultra-Swap” partner ecosystem, alongside Changan, GAC, Seres, and SGMW. For the supply chain, this represents a pivot from single-brand specificity to cross-brand modularity — a trend that could drive down component costs through standardization. 2. Economic calculus: Volume is the key variable Battery swap economics follow a simple logic: scale makes or breaks the model. With NIO, each station serves a single brand‘s fleet. With CATL’s shared network, each station could serve vehicles from Chery, Changan, GAC, SGMW, and others. If the network reaches CATL‘s target of 4,000 swap stations by end-2026 and 10,000+ by 2028, the per-station utilization could — in theory — be significantly higher than a single-brand network. For procurement professionals, this means: supplier qualification decisions for swap-related components (battery blocks, station equipment, thermal management) will increasingly hinge on which automakers have committed to the shared network. The modularity of CATL’s system also reduces model-specific engineering costs — a potential advantage for automakers with larger product portfolios. 3. The global dimension: Swap infrastructure as an export differentiator A less obvious angle is international. Chery is China‘s export leader — 393,311 vehicles exported in Q1 2026 alone . CATL has already begun deploying its Choco-SEB network beyond China, with Hong Kong as the first overseas market — eight stations targeted by end-2026 . The partnership is explicitly framed as both domestic and international. According to the agreement, Chery and CATL will jointly pursue marketing and market expansion, with domestic and overseas efforts advancing in parallel. For emerging markets where charging infrastructure remains underdeveloped — Southeast Asia, Latin America, the Middle East — a standardized battery swap network could be as valuable as the vehicles themselves. Standardized modules could simplify logistics, reduce warranty complexity, and accelerate market entry.

CATL Chery BatterySwap UltraSwap EVInfrastructure ChinaEV SharedNetwork Procurement