SAIC, CATL, oil giants form JV for swappable batteries

China’s top oil and gas producer PetroChina has joined leading auto group SAIC Motor Corp. and battery maker CATL in setting up a joint venture to supply swappable batteries for electric vehicles, parent company CNPC said on Thursday.

CNPC did not provide the details of the venture’s ownership but official business registration portal shows that the new venture, Shanghai Jieneng Smart Power New Energy Technology Co., is 37.5 percent owned by SAIC Motor while PetroChina and CATL each hold 12.5 percent in the venture. China’s second-largest oil and gas major, Sinopec, owns 25 percent.

With its business focusing on leasing power batteries, the Shanghai-based firm will also research swappable battery technology as well as provide big data services, CNPC said.

China’s state energy giants are expanding their investment in low-carbon businesses including renewables, hydrogen and electric mobility as part of the country’s goal to be carbon neutral by 2060.

CNPC aims to build over 1,000 charging stations by 2025 in China, having built 203 so far, the company said.

China’s Ministry of Industry and Information, a major supporter of battery swapping, aims to have more than 100,000 battery-swappable vehicles and more than 1,000 swap stations by 2023.

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