Asia Tech Wire (May 22) -- Chinese electric car maker Nio Inc. (9866.HK) and Chinese state-owned automaker FAW Group Corp. have teamed up to develop battery-powered cars.

The two sides signed a strategic cooperation framework agreement on Tuesday, which will focus on battery technology standards, research and development of rechargeable and exchangeable battery-powered car models, battery asset management and operation, construction and operation of an eco-service network for charging and exchanging batteries, as well as battery industry sourcing and support.

With the addition of FAW, Nio's power exchange alliance has expanded to eight car companies, and its power exchange business has realized generalized services and operations from multi-platform to multi-brand.

In the field of power exchange, Nio has reached cooperation with Guangzhou Automobile, Lotus Cars, Geely, Chang'an Automobile, JAC Motors, Chery Automobile and other Chinese automakers respectively.

Remarkably, Nio runs the largest number of charging and power-exchange facilities among China's local car companies.

As of May 21, 2024, it has built a cumulative total of 2,420 power exchange stations, 22,500 charging piles, and 800 high-speed power exchange stations in China, providing users with more than 44.5 million times of power exchange services.