On March 8, Yan Yonggui, Vice President and Robotaxi Head of CaoCao Inc., was invited to appear on CCTV Finance Channel’s Dialogue. The episode, themed “How Battery Swapping Can Help the Auto Industry Improve Quality and Performance During the 15th Five-Year Plan Period,” explored China’s innovative practices in battery swapping and the road ahead.

Commercial vehicles are a core operating asset in the mobility industry, and CaoCao Inc. has long focused on improving both the quality and efficiency of fleet operations. During the program, Yan said battery swapping is the optimal energy replenishment solution for the mobility sector.

In CaoCao’s driver-based mobility services, battery swapping has already demonstrated value across four dimensions: saving time, reducing hassle, improving convenience, and increasing earnings. At battery-swapping stations developed in partnership with YiYi Power, a swap can be completed in as little as 60 seconds. Drivers do not need to leave the vehicle; once the car is positioned, the swap is completed automatically. According to the company, the battery-swapping model can extend a vehicle’s daily operating time by 90 minutes, increasing average monthly operating revenue per vehicle by around RMB 1,200. Beyond extending operating time, it also reduces the risk of missed orders caused by queuing or waiting to charge, delivering meaningful gains in both cost efficiency and productivity. At swapping stations, batteries are centrally charged and monitored in temperature- and humidity-controlled conditions, and substandard batteries are prevented from entering circulation, helping to safeguard both vehicle and public safety.

As of June 30, 2025, CaoCao Inc. owned and operated more than 37,000 purpose-built vehicles across 31 cities, the largest fleet of purpose-built vehicles of its kind in China, all built on a battery-swapping architecture. As of the end of 2025, YiYi Power had deployed 446 battery-swapping stations and completed 38.6 million battery swaps, with the highest single-station daily volume reaching 600 swaps. According to Frost & Sullivan, CaoCao’s custom vehicles deliver an average total cost of ownership (TCO) reduction of about 36.4% compared with typical battery-electric vehicles (BEVs) used in shared mobility, validating the efficiency of the battery-swapping model in operating scenarios.

Looking ahead, CaoCao is extending this advantage into the future-facing Robotaxi sector. The company is working with Geely and relevant partners to develop a purpose-built Robotaxi model pre-equipped with dedicated autonomous driving hardware and software, while remaining firmly committed to a battery-swapping architecture. The model is set to debut this year, and the company aims to deploy 100,000 of these vehicles cumulatively by 2030. Last December, CaoCao launched the world’s first Green Intelligent Mobility Hub that integrates automated battery swapping, automated cleaning, intelligent dispatching, among other capabilities. The hubs will be rolled out in tandem with the scaling of the Robotaxi business, providing comprehensive automated support across a wide range of operating scenarios.

The program noted that battery swapping has become one of China’s mainstream approaches to NEV energy replenishment, supported by a combination of policy guidance and growing adoption by companies. By addressing the root issue of batteries and vehicles having different life cycles, the model helps enable a standardized, closed-loop system spanning production, supply, sales and recycling for NEVs—an example of systems-level innovation that aligns with the interests of users, the industry and the country.

CaoCao’s efforts represent not only a business innovation at the company level, but also a proactive response to China’s 15th Five-Year Plan goal of building the country into an energy powerhouse. By building an efficient and secure battery-swapping infrastructure network, the company is helping cities strengthen their green, low-carbon infrastructure. Looking ahead, as battery swapping becomes more deeply integrated with energy storage technologies and the power grid, CaoCao will continue to support industry growth and contribute to China’s dual-carbon goals.

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Caocao Inc.

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