CATL Extends Battery Supply Deal with Tesla
29 June 2021 - 2:46AM
Dow Jones News
China's Contemporary Amperex Technology Co. said Monday it has
extended a deal with Tesla Inc. to supply electric vehicle battery
cells to 2025.
In a filing to the stock exchange, the Chinese battery maker
said it would continue to supply lithium-ion batteries to the Palo
Alto, Calif., EV maker until December 2025.
CATL has been supplying lithium batteries to Tesla since
mid-last year, under the agreement signed February 2020.
Sourcing locally has helped Tesla cut the prices of its
Shanghai-made Model 3 sedans, which have been trimmed down by more
than 25% since they were first delivered to the public in January
2020. More than 90% of the parts used in Tesla's Shanghai factory
are from Chinese suppliers, Tesla China told a local media last
month.
Tesla also uses LG Chem batteries in its Shanghai plant, where
it also is making Model Y sport-utility vehicles. It isn't clear
whether CATL's batteries are used in Model Ys. Tesla didn't
immediately respond to a request for comment.
Write to Singapore editors at singaporeeditors@dowjones.com
(END) Dow Jones Newswires
June 28, 2021 12:31 ET (16:31 GMT)
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