CATL buys 24.87% of Qiyuan Green Power for 2.56B yuan, becoming China's largest truck-swap operator

CATL/Qiji truck battery swap

CATL agreed to buy 24.87% of Qiyuan Green Power, the heavy-truck swap network of state-owned SPIC, for about 2.56B yuan ($370M). Qiyuan ran over 1,600 stations in 208 cities at the end of 2025 using rear-mounted packs; with Qiji's chassis-block stations CATL becomes the largest operator in the sector.

• Values Qiyuan at about 10.3B yuan, roughly 120% above book value.
• Qiyuan's rear-mounted design fits over 80% of existing swap trucks.
• Qiji had 300 stations at end-2025 and targets 900 in 2026.