On November 21st, NIO Automobile announced a cooperation agreement with Changan Automobile to establish industry standards or promote the revaluation of battery exchange value. The two sides will cooperate in four areas: establishing battery exchange standards, establishing battery exchange systems, establishing battery asset management mechanisms, and conducting pre research on battery exchange products. According to the agreement, both parties will jointly promote the establishment of battery replacement standards. On the basis of a unified battery pack standard, Changan Automobile will jointly develop interchangeable electric vehicle models with NIO Automobile. Changan Automobile's first interchangeable electric passenger car model that shares a battery pack with NIO Automobile is planned to be launched in 2025.