Is its category moving in its favor or against it?
China's large and growing electric-vehicle base supports a demand opportunity for Aulton's swapping network: the country counted 31.4 million new energy vehicles by the end of 2024, equal to 8.90% of its total vehicle count, and 4,443 battery swap stations, while Aulton operates more than 800 swapping stations, including those under construction, across 60 cities nationwide. A review reports that battery-swap station utilization is low and the sector's profit model is not yet mature.
At the end of June 2023, Nio had 1,543 battery swap stations in China, while Aulton had 615 and Botan had 108.
What is the investment case, and what must be true for it to hold?
Aulton New Energy's investment case depends on converting its battery-swapping network into sustainable profitable operations, but falling revenue makes that outcome unproven: revenue fell to 926 million yuan in 2024 from 1.16 billion yuan the previous year, a decline of 19.8%.
China's charging and swapping industry has low battery-swap station utilization and an immature profit model.
Which risks could break the thesis, and what would warn of them?
The sustained revenue contraction weakens Aulton New Energy's near-term case for growth: revenue dropped to 926 million yuan in 2024 from 1.16 billion yuan the prior year, a 19.8% decline, then slid 31.7% from a year earlier to 324 million yuan in the first half of 2025.
Aulton New Energy's loss narrowed to 157 million yuan in the first half of 2025 from 283 million yuan in 2024, though the improvement came mostly from cost and expense reductions rather than revenue growth.
What does the product do for its buyer, and how is it delivered?
Aulton New Energy delivers battery swapping through a multi-city station network as an alternative to conventional charging, the dominant method of replenishing pure EVs, with battery swapping standing as another main method. Its stations complete a passenger-vehicle swap in 20 seconds and a commercial-vehicle swap in 1 minute, using a model that separates the vehicle from the battery and offers battery purchase or lease options.
Aulton's network covers 60 cities nationwide and has more than 800 battery-swapping stations, including stations under construction.
