CATL just signed a fleet electrification deal with STO Express in Ningde. Most coverage stops at "green logistics partnership."

Within China, CATL operates 300+ commercial battery-swapping stations under its Qiji Energy brand. It plans 900+ by the end of 2026, concentrated across Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Pearl River Delta.

On the Shanghai-to-Ningbo route, electric trucks operating on this network save 0.3 to 0.5 yuan per kilometer compared with diesel trucks after accounting for vehicle depreciation.

STO saves on fuel. CATL gets a major logistics fleet locked into its domestic swap network. The dependency comes first. The battery sale comes second.