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Story summary
- Contemporary Amperex Technology Ltd (CATL) and Nio extend a five-year agreement to develop longer-lasting EV batteries.
- The collaboration aims to curb costly battery replacements for millions of EV users in China, with packs due for replacement by 2032 and costs reaching 3 trillion yuan.
- William Li, Nio's chief executive officer, stressed the initiative's urgency.
- The collaboration builds on a 2024 announcement and comes as Nio celebrates its 1 millionth vehicle.
