• CATL has reached 700 battery swap stations in China, targeting 1,000 stations by the end of this year.
• It plans to operate over 2,500 battery swap stations across more than 120 Chinese cities by the end of 2026.

CATL (HKG: 3750) aims to increase its battery swap station count by 1.5 times next year, as it nears its current annual target.

The Chinese battery giant plans to operate over 2,500 battery swap stations across more than 120 Chinese cities by 2026, its subsidiary Contemporary Amperex Energy Service Technology (CAES) announced today.

The unit saw its battery swap station count reach 700 today, covering 39 Chinese cities.

In the fourth quarter, CATL will strive to achieve its goal of reaching 1,000 battery swap stations by the end of 2025, CAES said.

CATL formally entered the battery swap sector on January 18, 2022, by launching its battery swap brand EVOGO -- operated by CAES. Previously, Nio (NYSE: NIO) was the primary player in this field.

On December 18, 2024, CATL unveiled standardized battery packs for passenger vehicles at a Choco-SEB (swapping electric block) ecosystem conference and announced an aggressive infrastructure expansion plan.

The company aimed to reach 1,000 battery swap stations by 2025, with a mid-term target of 10,000 stations.

CATL said last December that the first 1,000 stations would be built by CAES, while stations 1,001 to 10,000 will be co-built by CAES and partners.

CATL's long-term goal is to expand its battery swap network to 30,000 stations, with the 20,000th to 30,000th stations built through collaborative efforts.

Last December, it introduced two new standardized Choco-SEB battery packs, designated as #20 and #25 -- similar to how gasoline grades in China are labeled #92, #95, and #98.

By 2030, battery swap, home charging, and public charging would each account for one-third of EV owners' energy replenishment needs, said CATL founder, chairman, and CEO Robin Zeng.

CATL, China's largest battery supplier, maintained its market leadership with a 42.81 percent share in September's power battery installations, totaling 32.51 GWh, according to data from the China Automotive Battery Innovation Alliance (CABIA).

The company reported a net income of RMB 18.5 billion ($2.6 billion) in the third quarter, marking a 41.21 percent year-on-year increase, it said in its financial results released yesterday.

Revenue for the third quarter reached RMB 104.2 billion, a 12.90 percent increase year-on-year.

($1 = RMB 7.1174)