🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

China's CATL signs battery supply agreement with Tesla

Published 02/02/2020, 08:11 PM
China's CATL signs battery supply agreement with Tesla
TSLA
-
051910
-
6752
-
300750
-

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

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 (T:6752), said during its earnings call last week that its pact with LG Chem (KS:051910) 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.