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Aulton New EnergyChina's largest independent third-party battery swap solution provider
Connected Stations
521
267 self-owned + 254 third-party
H1 2025 Revenue
RMB 324M
-31.7% YoY
H1 2025 Net Loss
RMB 157M
Narrowed from RMB 283M
Pre-IPO Valuation
RMB 11.9B
Jan 2022 round
Total raised: Multiple rounds; pre-IPO RMB 11.9B post-money (Jan 2022) · Latest valuation: RMB 11.9B (Jan 2022 pre-IPO round)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Series A | 2019 | - | - | NIO Capital |
| Series B | 2021 | - | - | SoftBank Vision FundNIO Capital |
| Pre-IPO Round | Jan 2022 | - | RMB 11.9B post-money | Existing investorsIndustrial funds |
| HK IPO Filing | Dec 2025 | - | - | CMB International (sole sponsor) |
| Feature | Details |
|---|---|
| Core Service | Automated battery swap for passenger EVs and commercial vehicles |
| Swap Time | ~3 minutes per vehicle |
| Stations | 521 connected (267 self-owned + 254 third-party) as of H1 2025 |
| Compatibility | Multi-brand chassis-mounted swap platform |
| Technology | Robotic swap mechanism + cloud battery management; developing unmanned operation |
| Battery Standard | Standardized packs for cross-brand swap interoperability |
Co-located swap stations at Sinopec fuel sites; framework targets nationwide rollout
Holds 5.53% stake; multi-round investor since Series A
Led Series B (2021)
Battery swap integration for BAIC EV models
Partnership to develop swap-compatible EV platforms
Established to develop automated battery swap technology and stations for EVs
NIO Capital takes early-stage stake (5.53% as of 2025 prospectus)
Signs agreement with Sinopec to deploy battery swap stations within Sinopec's 30,000 fuel station network
SoftBank leads Series B alongside NIO Capital
Post-money valuation of RMB 11.9B in final private round before IPO
Connects 521 swap stations (267 self-owned + 254 third-party); 130K+ registered EVs; 160K+ batteries managed
First-half revenue down 31.7% YoY to RMB 324M; net loss narrows to RMB 157M
Submits Hong Kong listing prospectus aiming to be first 'battery swap stock'; CMB International sole sponsor
Leading third-party battery swap provider in China partnering with multiple automakers for brand-agnostic swap service. Operates 1,000+ swap stations across major Chinese cities with an IPO pending for additional growth capital. Targets commercial fleets and taxis where rapid 60-second swap times create compelling economics versus traditional plug-in charging. Aulton was founded in 2016 and is headquartered in Guangzhou, China.
Aulton has raised Multiple rounds; pre-IPO RMB 11.9B post-money (Jan 2022) in total at a RMB 11.9B (Jan 2022 pre-IPO round) valuation, based on the funding rounds Sterling tracks.
Sterling groups Aulton in the Charging sector, alongside Tesla Supercharger (TSLA), ChargePoint (CHPT), EVgo (EVGO), Blink Charging (BLNK), Electrify America (private) and IONITY (private).
If you are researching Aulton, also look at Tesla Supercharger (TSLA), ChargePoint (CHPT) and EVgo (EVGO). You can compare all of them side by side or browse the full Charging sector on Sterling.
