Investing.com -- Chinese electric vehicle battery manufacturer CATL has announced plans to collaborate with state-owned oil company Sinopec (OTC: SHIIY ) to establish 10,000 battery swap stations.

The strategic partnership was formalized in Beijing, with a commitment to construct at least 500 battery swap stations within the year, as per a company statement.

The collaboration will leverage CATL’s "choco-swap" battery swapping and Qiji chassis battery-swapping solution.

The aim is to overcome the driving range limitations of passenger vehicles and heavy-duty trucks, according to the company statement.

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