BUSINESS Tesla signs agreement with CATL battery maker

BUSINESS

Tesla signs agreement with CATL battery maker

By Wang Junwei | chinadaily.com.cn

13:27, February 20, 2020

China-made Tesla Model 3 electric vehicles are seen at the gigafactory of electric car maker Tesla Inc in Shanghai, Dec 2, 2019. (Photo: Agencies)

China's leading power battery maker, Contemporary Amperex Technology Co Ltd, announced Thursday it has signed a volume production supply pricing agreement with US carmaker Tesla, according to China Securities Journal.

CATL said "the cooperation is not an 'intentional agreement'", and "Tesla will purchase lithium-ion power batteries from CATL."

Investors shall rely on its official announcement, the company said.

According to a previous Reuters report on Tuesday, Tesla is in talks to use CATL's cobalt-free batteries in cars made at its Shanghai plant, citing people familiar with the matter.

The US automaker will adopt the so-called lithium iron phosphate batteries in its lineup so as to cut cost, Reuters said.

CATL saw its shares a sharp surge by the midday on Feb 20, gaining 5.32 percent to 161.35 yuan per share ($22.98).

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue