07:03 AM EDT, 04/07/2025 (MT Newswires) -- NIO (NIO) is in discussions for Chinese battery giant CATL to buy a controlling stake in its power unit, Reuters reported Monday citing four people with knowledge of the matter.

Nio Power runs more than 3,000 battery swapping stations in China, according to the report.

CATL made the proposal after a 2.5 billion Chinese yuan ($342 million) investment in the unit in March, the sources said.

One of the people told Reuters that Nio Power had been valued at more than 10 billion yuan during a 2024 fundraising round.

Nio and CATL did not immediately respond to MT Newswires' request for comment on the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)