China’s CATL signs battery supply agreement with Tesla

Technology

FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

SHANGHAI (Reuters) – China’s top electric vehicle battery maker CATL (300750.SZ) said on Monday it has signed a battery supply agreement with Tesla (TSLA.O).

Tesla will determine the battery purchase volume between July 2020 and June 2022, according to its own needs, CATL said in a stock exchange filing, adding the agreement does not impose restrictions on Tesla’s purchase volume.

Tesla, which has a long-standing battery supply agreement with Japan’s Panasonic Corp (6752.T), said during its earnings call last week that its pact with LG Chem (051910.KS) and CATL was at a smaller scale.

Tesla is building Model 3 vehicles from its $2 billion Shanghai factory, which started delivering cars last year, and has said it would diversify battery supplies for the plant.

Reporting by Yilei Sun and Brenda Goh; Editing by Kim Coghill and Uttaresh.V

Products You May Like

Articles You May Like

Book review of The Beast Takes a Bride by Julie Anne Long
How Big Tech intends to power AI’s thirst for energy
Kamala Harris Drew 16,000 More People In North Carolina Then Trump
Germany’s top diplomat in Kyiv as Ukraine girds for impact of US election on the war
Palantir (PLTR) Q3 earnings report 2024