CAES Enters into Partnership with CITIC Financial Leasing

On December 4, Contemporary Amperex Energy Service Technology Limited (CAES), a wholly-owned subsidiary of CATL, entered into a strategic partnership agreement with CITIC Financial Leasing Co., Ltd. (CITIC Financial Leasing), for the purposes of jointly advancing the development of the Choco-Swap ecosystem, enhancing the professionalism and diversity of battery swapping services, and further boosting the widespread application of battery swap models through offering customers a more convenient and efficient swapping experience. 

The partnership will be implemented via a financial leasing business, aiming to thoroughly explore the financial demand of the Choco-Swap ecosystem's total value chain. Through resource sharing, information exchange and talent collaboration, both sides will make endeavors to achieve mutual benefit and win-win results based upon jointly-developed new cooperation models. This move is expected to further reduce the costs of purchasing and using cars, and optimize the capital structure of the "battery bank," so that an improved battery swap service system will be established based upon the accelerated commercial application of battery swapping technologies and a robust battery-swap ecosystem. 

Supported by CATL's advantages in technology and industrial resources, CAES launched the Choco-Swap solution, aiming to drive the green transition through professional new energy operation services. As a wholly-owned subsidiary of CITIC Bank, CITIC Financial Leasing is committed to the fundamental business of leasing, serving the market with high-quality and specialized financial services, and has unique professional advantages in the field of green leasing. The partnership between CAES and CITIC Financial Leasing marks a new milestone for the deep integration between battery-swap ecosystem development  and financial innovation, demonstrating the further recognition of innovation in battery swap technologies and their value to society. CATL's Choco-Swap solution, combining with both sides' advantages in technology and industrial development, charts a new path of growth in battery operation services, leading the NEV battery swap sector forward into a new stage of high-quality development.