EV battery supplier and Tesla Inc. rival CATL has reportedly co-developed 10 new electric vehicle models with automakers that use swappable batteries.

What Happened: The first EV using CATL's battery-swapping brand EVOGO's "choco swap battery" will be rolled out this month, Reuters reported, citing the company's CEO Yang Jun.

Yang was speaking at an event in the city of Xiamen, China. The remaining EVs co-developed by the company that uses swappable batteries will be launched in future months, the report added.

CATL is now looking to put up 1000 battery swapping stations in 2025. The swappable batteries would come in two standard sizes to accelerate adoption and the subscription fee for the choco swap battery swapping service would start from 369 yuan/ month, the report said.

As per Yang, China could eventually have enough battery-swapping stations to replace a third of its 100,000 gas stations. The executive also expects that battery swapping will make up a third of the options available to customers to fuel their electric vehicles such as home and public chargers by 2030.

Why It Matters: Chinese EV startup Nio Inc. (NYSE:NIO) is also a proponent of the battery-swapping technology. The company opened its 2800th power swap station in China earlier this month.

The company also said earlier this month that it has completed over 60 million battery swaps and that nearly 60% of electricity powering Nio cars is provided through battery swapping.

The company believes that power swapping can offer a recharging experience beyond refueling, particularly given the short wait time.

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Photo courtesy: CATL