CATL(SZ:300750) Shen Zhen Shang Bao·2025-10-22 00:03Core Insights - CATL's "Chocolate Battery Swap" stations have surpassed 700 nationwide, covering 39 cities, with plans to establish over 2,500 stations in more than 120 cities by 2026 [1][2] - The "Chocolate Battery Swap" stations are modular and designed for quick battery exchanges, reducing the time to just a few minutes [1] - The initiative aims to achieve a target of 1,000 stations by the end of 2025, significantly faster than the industry average [2] Company Developments - CATL's subsidiary, Times Electric, is responsible for the "Chocolate Battery Swap" stations, which are set to launch their first stations by the end of 2024 [1] - A new vehicle, termed the "National Good Car," is being launched in collaboration with JD Auto and GAC, focusing on affordability and performance [2][3] - The partnership aims to enhance the entire supply chain from production to service, making car purchasing as convenient as buying a smartphone [3] Market Trends - The battery swap market for electric vehicles is projected to grow from 12.433 billion RMB in 2023 to 174.917 billion RMB by 2025, with a compound annual growth rate of 190% [3] - The total number of battery swap stations is expected to exceed 30,000 by 2025, indicating a rapidly expanding market [3] - The competitive landscape includes major automakers like Geely and NIO, as well as energy groups like State Power Investment Corporation, with third-party operators also emerging [3]