CATL and Toyota Partner on Supply and Development of New Energy Vehicle Batteries
Contemporary Amperex Technology Co., Limited (CATL) and Toyota Motors Corporation have entered into a comprehensive partnership agreement under which CATL will provide a stable supply and further development of new energy vehicle (NEV) batteries. The two companies have also begun discussions that cover a wide range of fields, including the supply of batteries, new technology development, product quality improvements, and the reuse and recycling of batteries.
Toyota says it was one of the first companies to promote the widespread use of electrified vehicles and it boasts a rich array of technologies and experience in the development, production, and sales of electrified vehicles.
To further encourage the widespread use of electrified vehicles, CATL and Toyota agreed that a stable supply of batteries is critical and that battery technology must be further developed and advanced. To this end, the two companies plan to establish joint systems and engage in specific initiatives together.
Through this collaboration, CATL will combine its supply and battery development capabilities with Toyota's electrified vehicle and battery development technologies. With this combination, the two companies intend to develop electrified vehicles that are attractive to customers and further promote their widespread adoption.
Toyota indicated that it intends to increase its global sales of electrified vehicles (including hybrids that it already produces) and full EVs that it plans to release in the next several years to 5.5 million annually by 2025.
