Dongfeng Motor has been in negotiations with CATL since the second quarter of this year, aiming to secure first-mounting rights for the third-generation Shenxing ultra-fast-charging battery and to establish a joint venture to deepen their cooperation. The two parties have signed a group-level strategic cooperation agreement focused on building an integrated ultra-fast-charging and battery-swapping energy replenishment ecosystem, and on jointly developing next-generation ultra-fast-charging technology. Dongfeng brands including Voyah, M-Hero, and Yijing will be the first to feature 10C and above ultra-fast-charging products. The third-generation Shenxing ultra-fast-charging battery charges faster than BYD's second-generation Blade battery, and CATL needs to lock in the first automaker for mass production installation as early as possible to strengthen the persuasiveness of its ultra-fast-charging technology. Battery swapping is a key business focus for CATL this year. Its Chocolate battery-swapping stations are now all equipped with Shenxing ultra-fast-charging piles as standard, achieving integrated ultra-fast-charging and battery swapping. Battery-swapping cooperation covers multiple automakers, and recent personnel adjustments have helped break down barriers between the power battery and battery-swapping businesses. Despite industry voices calling for "de-CATLization," CATL still ranked first in domestic power battery installations from January to September 2026, with its market share stable and rising, and is expanding the boundaries of its battery business through technical standards and network layout.