CATL's CAES, China United Property Insurance join hands to develop battery swapping ecosystem

Shanghai (Gasgoo)- Contemporary Amperex Energy Service Technology Ltd. ("CAES"), a wholly owned subsidiary of CATL, recently signed a strategic framework agreement with China United Property Insurance Company Limited to jointly advance the development of battery swapping ecosystem, CATL announced on December 11 via its WeChat account.

The partnership aims to address challenges in the battery swapping industry, including insurance product compatibility, unclear liability definitions, and difficulty in cost determination, thereby creating a robust support system for the market.  

Photo credit: CATL 

The collaboration leverages the unique characteristics of the business model of vehicle-battery separation and integrates resources from both parties to provide tailored risk management and insurance solutions for the entire battery-swapping process. By addressing industry pain points through cross-sector innovation, the initiative will enhance the alignment between insurance products and the battery-swapping business, offering consumers precise risk assessments, professional insurance designs, and efficient claims services.

This move represents a significant step in expanding CATL's "Chocolate" battery swapping ecosystem. Through innovative insurance service models and extensive market promotion, the partnership seeks to build a transparent, fair, and reassuring consumption environment, fostering trust in battery swapping among consumers and promoting the sector's sustainable development.

On December 4, CAES also signed a strategic agreement with CITIC Financial Leasing Co., Ltd. to further develop the Chocolate battery swapping ecosystem. The collaboration focuses on enhancing the professionalism and diversity of battery-swapping services, offering users more convenient and efficient energy replenishment options, and accelerating the adoption of battery-swapping technology.

Through the partnership, the duo will explore innovative financing models in the leasing sector, addressing financial demands across the value chain of the Chocolate ecosystem. By sharing resources, exchanging information, and fostering talent collaboration, the initiative aims to lower vehicle purchase and usage costs for battery-swapping model's users, optimize the capital structure of battery banks, and accelerate the commercialization of battery-swapping technology.