In February 2023, the Ministry of Industry and Information Technology and eight other ministries and commissions launched a pilot project for the comprehensive electrification of public sector vehicles nationwide (public sector vehicles include official vehicles, urban public transportation, taxis (including cruise taxis and online reservation taxis), environmental sanitation, postal express delivery, urban logistics distribution, airports and other fields). By 2025, new and updated vehicles in the pilot area include urban public transportation, taxis, environmental sanitation, postal express delivery, etc The proportion of new energy vehicles in urban logistics distribution aims to reach 80%. Encourage the promotion and application of new energy heavy-duty trucks in specific scenarios such as short distance transportation, urban construction logistics, and mining sites, and support innovation in business models such as electricity exchange, financing leasing, and "vehicle electricity separation". The battery swapping mode has obvious advantages in reducing car purchase costs, reducing energy replenishment time, extending battery life, and alleviating power grid pressure.

　　According to the prediction of Open Source Securities, by 2025/2030, the number of new replacement power stations in China is expected to reach 8451/19664, and the ownership will reach 20705/95527, respectively. Among them, the ownership of new energy heavy-duty truck replacement power stations will reach 5257/35402. It is expected that the electricity exchange market space will reach 133.4 billion yuan by 2025.

　　According to a report from the Tram Resources Industry Research Institute, in the first quarter of 2023, the sales of replacement heavy-duty trucks were 2317, accounting for 51% of the share of new energy heavy-duty trucks. It has become the main technological development direction of new energy heavy-duty trucks. Academician Ouyang Minggao pointed out that the sales of electric heavy-duty trucks in China are expected to increase by 100% to 50000 vehicles in 2023, with the proportion of replacement heavy-duty trucks reaching 70%. By 2025, the share of replacement heavy-duty trucks is expected to exceed 80%.

　　New forces actively explore the electricity exchange market

　　Aodong New Energy: The pioneer of the electricity exchange mode, achieving the integration of "electricity exchange energy storage flash charging". Aodong New Energy Vehicle Technology Co., Ltd. is a pioneer and leader in the domestic electricity exchange model. The latest generation 5.0 power station of Aodong integrates "power exchange energy storage flash charging" and is compatible with service cars and micro planes, achieving "passenger and commercial development". The power station is equipped with bidirectional chargers, which can achieve energy efficient interaction between the "vehicle station grid" three parties, be grid friendly, and comply with the new low-carbon power system; Add an overcharging gun to the power station, which can support 120kW-480kW fast charging and provide emergency energy replenishment services.

　　DEEPWAY: A new forward design heavy-duty truck, with forward-looking research and development for bottom battery replacement. DeepWay was established in December 2020, focusing on the research and manufacturing of intelligent new energy trucks. It was jointly built by Baidu, a leader in autonomous driving technology, and Lion Bridge, a leading internet company in the highway logistics industry. The first product of DeepWay, "Shenxiang Xingchen," has entered the stage of small-scale trial operation and will officially start mass production in June 2023. It is planned to deliver 1000 intelligent new energy heavy-duty trucks in 2023. In April 2023, the company's bottom replacement power station was officially unveiled at the Tianjin testing site, and the first commercial vehicle bottom replacement power station was officially completed.

　　Full journey: Leading the way in urban logistics, promoting the light truck power exchange mode. Quanlu Cheng has six core battery swapping products under its umbrella, including Jianghuai battery swapping light trucks, Dayun battery swapping light trucks, SAIC battery swapping light trucks, Geely battery swapping light trucks, XCMG battery swapping light trucks, and Jinlv battery swapping vans. It has carried out comprehensive operation of domestic battery swapping logistics vehicles with leading logistics companies such as Cainiao and JD.com.

　　Industry leaders accelerate the layout of the electricity exchange market

　　Ningde Times: Launched MTB technology, ranking first in the share of new energy heavy-duty trucks. On September 17, 2022, after more than a year of research and development, Ningde Times announced that its pioneering MTB (ModuletoSocket) technology will be first applied to the National Power Investment Qiyuan Core Power Exchange Project. The MTB technology of Ningde Era integrates modules directly into the vehicle bracket/chassis, increasing the system volume utilization rate by 40%. The unique U-shaped water cooling system overcomes the heat dissipation problem and provides better solutions for the speed increase of heavy-duty trucks and engineering machinery electrification. From the perspective of lithium battery companies that mainly support electric heavy-duty trucks, the entire industry is in a dominant market pattern in the Ningde era.

　　Ningpu Era: Increase the size of new energy commercial vehicle tracks, layout the entire vehicle and battery swapping business. China Logistics Holdings No. 16 Company, a subsidiary of Pros, also jointly invested with Ningde Times New Energy Technology Co., Ltd. and Ningde Transportation Investment Group Co., Ltd. to establish Ningpu Times Battery Technology Co., Ltd. As of the end of 2022, Ningpu Times has put into operation 5 heavy-duty truck replacement power stations, with a single replacement power station having a replacement service capacity of over 150 trains per day. In February 2023, Ningpu Times signed a cooperation agreement with Fujian Haisi Expressway New Energy Technology Co., Ltd. for the heavy truck power exchange project. The first phase of the project will be piloted in the Changle and Luoyang River service areas of the expressway, and four electric heavy-duty truck replacement power stations will be put into operation.

　　Everything is friendly: Geely's commercial vehicle transportation platform serves brands such as remote and Huma. The Everything Friendly Green Transport Service Platform consists of two core segments: Everything Friendly Transport Technology Co., Ltd. and Sunshine Mingdao Energy Technology Co., Ltd. We are committed to jointly creating a smart green logistics ecosystem for highways, matching pure electric vehicles and charging and swapping power stations for various heavy truck logistics scenarios, providing financial, logistics, energy, and digital information services. With a full lifecycle green electricity transportation capacity solution, we improve the operational efficiency of the logistics industry and help enterprises achieve zero carbon development. As of the end of 2022, Sunshine Mingdao has laid out 60 replacement power stations in China.

　　GCL Energy Technology: Covering multiple power exchange operation scenarios, with outstanding low-cost advantages. As a global photovoltaic giant, GCL Energy Technology has entered the power exchange industry across borders, covering high adaptability scenarios such as heavy-duty trucks, logistics vehicles, and rental ride hailing. It has innovatively created a "vehicle customization, battery pack sharing, and port matching development" three-in-one solution. As an advanced green energy enterprise in China, the company can utilize the advantages of large-scale low-cost green power supply and integrated operation of "source network load storage" to obtain low-cost power resources, significantly reduce the overall operating costs of projects, and establish a strong cost advantage in market competition. After the first phase of popularization of online duty at GCL Electric Port, the personnel allocation can be reduced by half.

　　National Power Investment: Relying on Qiyuan Core Power, the heavy truck power exchange industry is leading. Nearly 200 replacement power stations have been deployed in 31 provinces and cities across the country. As of February 2023, Qiyuan has built and completed over 260 charging and replacement power stations, and has fully cooperated with more than 70 main engine factories to jointly develop and produce over 450 types of replacement heavy trucks, electric engineering machinery, mining trucks, and port machinery products. As of the 367th batch of the Ministry of Industry and Information Technology Model Announcement, a total of 526 replacement heavy truck models from 88 main engine factories have been listed in the National Ministry of Industry and Information Technology Model Announcement, Among them, there are 79 main engine manufacturers and 452 heavy-duty truck models that have adopted the National Electric Power Investment and Exchange Standards, with a declared market share of 86%. The company has achieved full coverage of business scenarios such as steel mills, mines, ports, power plants, cities, and trunk lines.

　　PetroChina and Sinopec: Layout charging and swapping, and transform into comprehensive energy service stations. Based on the location advantage of gas stations, Sinopec continues to promote the construction of charging and swapping networks, and plans to build 5000 charging and swapping power stations by 2025. In 2022, 45 new replacement power stations will be built, and a total of 128 replacement power stations will be built. At the end of the 14th Five Year Plan, PetroChina will build over 1000 charging and swapping power stations, upgrade and build a comprehensive energy service network that can be swapped and recharged, and promote the swapping industry into a standardized era.