Nio has inked yet another battery swapping and charging deal with a fellow Chinese carmaker, this time striking a strategic cooperation with state-owned FAW.

Through the partnership, Nio and FAW will work together to develop a unified battery standard system and also co-develop electric vehicles that support battery swapping and can use the same charging stations. The companies will also launch models with standardized battery packs and work in tandem on establishing integrated charging and swapping operations systems.

Read: Nio’s Battery-Swapping Network Expands As Changan Automobile Joins the Fold

Nio currently has 2,416 battery swap stations in operation and plans to launch 1,000 more this year. According to Reuters, the firm’s chief executive, William Li, says the battery-swapping services could earn Nio as much as $10 billion annually if its user base grows 100 times from the current 500,000 users.

The electric vehicle startup has signed battery-swapping agreements with several other car companies in recent months. These include GAC Group, Geely, Chery Automotive, Changan Automobile, JAC, and Lotus.

 Nio Signs Partnership With FAW For Battery Swapping And Charging

Last week, Nio confirmed that models from its new entry-level Onvo brand will be compatible with its battery swapping stations. Onvo’s first model is the Tesla Model Y-rivalling L60. It starts at RMB 219,900 (~$30,500), allowing it to undercut the Tesla by roughly 12%.

Different battery packs are available for the L60. The entry-level version will be able to travel 345 miles (555 km) on a charge while the Long Range model will be rated at 454 miles (730 km). Those seeking the ultimate in range will be able to opt for an Extra Long Range version with over 621 miles (1,000 km) of range. Changing batteries will take just a matter of minutes through one of Nio’s battery swap stations. Should drivers have to recharge their L60s, they’ll enjoy ultra-fast charging provided by the car’s 900-volt electrical architecture.

 Nio Signs Partnership With FAW For Battery Swapping And Charging