|Bid||92.04 x 0|
|Ask||92.05 x 0|
|Day's Range||86.96 - 93.46|
|52 Week Range||64.00 - 95.16|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||44.66|
|Earnings Date||Aug 23, 2018|
|Forward Dividend & Yield||0.14 (0.16%)|
|1y Target Est||79.79|
(Bloomberg) -- Indonesia is touting an abundance of low-cost renewable energy to lure billions of dollars in investment Southeast Asia’s largest economy needs to build processing plants for commodities such as nickel, copper and aluminum.The commodity powerhouse has potential to develop 33,000 megawatts of hydro power and 29,000 megawatts of geothermal energy at costs as low as 2-4 cents per kilowatt, Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan said. The green energy will help the country cut its use of fossil fuels and produce more value-added commodities, he said.Indonesia, home to some of the world’s largest deposits of copper, nickel and tin, is curbing exports of raw materials to force companies to build refineries and smelters to create more jobs and boost export earnings. President Joko Widodo has said focusing on local value addition over exports can help wipe out a current-account deficit that’s weighed on the nation’s currency and bonds.“We are rich in natural resources and we’d like to see more value added” locally, Pandjaitan, who oversees about half a dozen ministries from energy to trade, said in a Bloomberg Television interview from Shanghai on Wednesday. “There is an abundance of energy in Indonesia. We’d like to maximize the use of this energy” to keep Indonesia less polluted as well, he said.Indonesia has banned nickel-ore exports starting January, two years earlier than previously planned, as the world’s top supplier sought to preserve the commodity for companies planning billions of dollars of investments in building electric vehicle and battery plants. It has also forced companies including Freeport-McMoRan Inc. to commit to build copper smelters to squeeze more out of its mineral riches.Not NationalisticPandjaitan, who has spearheaded the government’s policies in the mineral sector, said the restrictions on raw material exports were not a “nationalistic approach” but meant to generate jobs for the locals and boost the economy.“Don’t misunderstand that we are going to close our country to foreign direct investment,” Pandjaitan said. “Our priority is to get foreign direct investment in Indonesia.”The move to shun nickel ore exports has had some success in drawing foreign investment into stainless steel, electric batteries and vehicles. Investments into nickel and related industries may reach $30 billion by 2024, Pandjaitan said.Spending on new nickel processing plants is predicted to total $20 billion by 2024, with projects involving Chinese battery giant Contemporary Amperex Technology Co., miner Vale SA and Sumitomo Metal Mining Co. already advancing. Toyota Motor Corp., Tesla Inc., Volkswagen AG and battery maker LG Chem Ltd. also are scoping out opportunities, the government has said.Here are the other highlights of the interview:Indonesia is open to investment from China as long as investors comply with local regulations, use the latest technology, employ local workers, agree to transfer of technology and add value to raw materialsIndonesia is also talking to investors from Japan, the U.S., United Arab Emirates to build and finance various projectsGovernment has a pipeline of about $150 billion projects, including in the oil and gas, petrochemicals and mining sectors, awaiting investorsTo contact the reporter on this story: Tassia Sipahutar in Jakarta at firstname.lastname@example.orgTo contact the editors responsible for this story: Phoebe Sedgman at email@example.com;Thomas Kutty Abraham at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Tesla Inc. has reached a preliminary agreement to start using CATL as a battery supplier for cars made in China from as early as next year, and the companies are in talks to expand the relationship globally, according to people familiar with the matter.Following months of negotiations, the companies clinched a non-binding deal after Tesla Chief Executive Officer Elon Musk traveled to Shanghai in late August and met with CATL Chairman Zeng Yuqun for about 40 minutes, according to the people, who asked not to be named discussing private deliberations. Though a final agreement is expected to be signed by mid 2020, there is no guarantee that will happen, the people said.The batteries would go into Model 3 cars produced at Tesla’s factory near Shanghai, which is slated to begin operating this year. But the companies still need to iron out details such as how many batteries Tesla will purchase, and separate discussions are underway on a potential global supply contract, the people said. Tesla will use batteries from Panasonic Corp. and LG Chem Ltd. in China in the meantime, one of the people said.Securing enough domestic batteries -- the costliest part of an electric vehicle -- is crucial to Musk’s efforts to expand in the world’s biggest car market. Chinese supply would allow Palo Alto, California-based Tesla to rely less on imports, reducing any impact from tariffs that have fluctuated amid the U.S.-China trade war. It’s also likely to please Beijing, which has prioritized the building of a world-leading electric-vehicle ecosystem.CATL rose as much as 7.4% to 78.88 yuan in Shenzhen trading on Wednesday and the stock headed for its highest close since mid-September. Tesla was little changed Tuesday.Representatives for Tesla didn’t respond to requests for comment. LG Chem and CATL declined to comment, while Panasonic wasn’t immediately available to comment.For CATL, whose full name is Contemporary Amperex Technology Co. Ltd., a final agreement would bolster its profile as one of the world’s emerging battery-making powerhouses. The company, based in the southern province of Fujian, already supplies domestic EV startups including NIO Inc., as well as global carmakers Volkswagen AG and Daimler AG.Tesla has been building the Shanghai plant, its first outside the U.S., for the past nine months, with mass production targeted to start at year-end. The company is also building facilities to eventually make batteries, but in the meantime, it’s agreed to purchase them from LG Chem. The South Korean battery maker won’t have exclusive rights to be Tesla’s battery supplier, people familiar with the arrangement said in August.Should Tesla agree to a global agreement, CATL would become its second such battery partner after Osaka, Japan-based Panasonic.What Bloomberg Intelligence Says“It’s a competitive blow to Panasonic as Tesla was relying on the Japanese battery producer only. But it’s a boon for CATL and LG Chem.”\--Kevin Kim, automobiles analystTesla is likely to try having several strong suppliers, giving it negotiating power as they’ll compete and drive down battery prices, said Kevin Kim, an analyst at Bloomberg Intelligence in Hong Kong. Having several partners also helps Tesla diversify risks such as faulty batteries resulting in fires.NIO Jumps 37% After Pact With Intel on Driverless Car TechnologyBatteries make up the bulk of an electric vehicle’s cost, meaning long-term supply deals with top carmakers can easily reach billions of dollars. The price of a China-built Tesla Model 3 will start at about $50,000, cheaper than foes including NIO’s best-selling ES6.(Updates with comment from analyst in 10th paragraph)\--With assistance from Kyunghee Park, Kae Inoue, Dana Hull and Gabrielle Coppola.To contact Bloomberg News staff for this story: Haze Fan in Beijing at email@example.com;Chunying Zhang in Shanghai at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, ;Craig Trudell at firstname.lastname@example.org, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ERFURT, Germany, Oct. 18, 2019 /PRNewswire/ -- A groundbreaking ceremony for the first overseas factory of the world's leading lithium-ion battery maker Contemporary Amperex Technology Co. Limited (CATL) took place on October 18 in Thuringia, a state in east-central Germany, marking the start of construction of the first lithium-ion battery factory in Germany. "Germany is home to a strong automotive industry and several of CATL's key customers," said Matthias Zentgraf, Co-president Europe CATL.
SAO PAULO, Oct. 14, 2019 /PRNewswire/ -- Contemporary Amperex Technology Co. Limited (CATL) (300750.SZ) and Volkswagen Caminhoes e Onibus (VWCO), one of the largest producers of trucks and buses in Latin America, have concluded a long-term strategic cooperation agreement. CATL is going to offer the comprehensive battery solutions for the electrification of VWCO, including battery development, manufacturing, as well as recycle and secondary use. According to the agreement, the partnership will be started with e-Delivery, which is VWCO's electric vehicle series as well as the first 100% electric powered light truck in Latin America.
(Bloomberg) -- The milkman went missing thanks to the rise of refrigerators. Switchboard operators were done in by the dawn of direct dialing. And in the car industry, auto workers are deathly afraid the engine assembler will give way to battery builders.Dread over the prospect that plug-in cars -- which have fewer parts and require less labor to build -- will doom auto jobs helped spark the first United Auto Workers strike against General Motors Co. in over a decade. Ford Motor Co. and Fiat Chrysler Automobiles NV, which are rolling their own battery-powered models to market in the coming years, could face a similar fate if they’re unable to quell the UAW’s concerns that widespread adoption of EVs endangers the employment of 35,000 union members.“There’s a potential for our jobs to be gone -- they don’t need us anymore,” said Tim Walbolt, president of the UAW local representing workers at a Fiat Chrysler transmission components plant near Toledo, Ohio. “It scares us.”For all the buzz generated by Tesla Inc., the EV era is still in its infancy, with zero-emission autos having reached just 2% of global production. GM has extended the UAW an offer to get in on the ground floor, pitching a new battery plant staffed by dues-paying union members in an Ohio town jarred by job loss. But the overture came with a catch: GM wants to pay the workers less, and the facility is unlikely to need as many staff as an engine or transmission factory would.A recent study of electric-vehicle production in Europe by consultant AlixPartners found that it took 40% fewer hours to assemble an electric motor and battery than a traditional internal-combustion engine and transmission.“It’s a bad news story from a labor perspective,” said Mark Wakefield, the head of AlixPartners’s automotive practice. “You would just fundamentally need less people.”Perversely, GM also arguably has uncertainty on its side at the bargaining table. It’s going to want concessions to cushion itself against the risk that consumer adoption of electric autos remains slow. The carmaker isn’t fully utilizing the factory that builds the Chevrolet Bolt EV north of Detroit, and tepid demand for the plug-in hybrid Chevy Volt put the future of the factory that assembles it in nearby Hamtramck in doubt.Collision CourseThe collision with carmakers over electrification is one the UAW saw coming.“Electric, to me, is where the real risk is to our membership,” Jennifer Kelly, the union’s research director, said during a collective-bargaining conference in Detroit earlier this year.It’s almost certain to carry over from the UAW’s talks with GM to negotiations with Detroit’s other automakers. Ford has estimated electric cars will require 30% fewer hours of labor per vehicle and 50% less factory floor space.“Rationalization of the powertrain portfolio is certainly a huge opportunity for all of us as we start this transition,” Joe Hinrichs, Ford’s automotive president, told investors on an earnings call in April.Even Fiat Chrysler, a laggard with regard to electrification, has stoked fear at union halls linked to internal-combustion components plants, where rumors are flying that the company plans to outsource work to lower-paying suppliers.“We cannot help but feel like the left behind stepchildren of the UAW,” Mike Booth, the president of the union’s local in Marysville, Michigan, wrote in a letter to the labor group’s Chrysler council last month. He and other UAW leaders fear that German mega-supplier ZF Friedrichshafen AG, which took over operation of a Chrysler axle plant in 2008, will take work away from the automaker’s machining facility near Toledo and a transmission and castings complex in Kokomo, Indiana.A Fiat Chrysler spokeswoman categorically denied that another company is seeking to take work from the Toledo or Kokomo operations and called them critical to the automaker’s business. ZF will continue to work with the UAW in Marysville, and an arrangement in which Fiat Chrysler licenses technology from the supplier in Kokomo may be creating some confusion, a spokesman said. He declined to comment on Toledo.‘Shrinking Bubble’In August, GM shut down a transmission plant outside Detroit, affecting more than 260 workers as part of a larger restructuring. That may foreshadow other closures as EV production ramps up. The supply chain is where the job risk is greatest, especially for workers employed making engines, transmissions and sub-components that aren’t needed in EVs.Consultant IHS Markit predicts the introduction of new gas-powered engine families will drop to zero in 2022, from nearly 70 in 2011, as automakers shift spending to electric propulsion. The market for a whole range of parts used in internal combustion vehicles -- such as axles, mufflers, fuel tanks and transmissions -- will shrink in a range from 6% to 20% by 2025, according to a study by Deloitte Consulting.“The value chain is shifting and companies and their unions are going to have to figure out how to change themselves or risk becoming part of a shrinking bubble,” said Neal Ganguli, head of the auto supply base group at Deloitte’s U.S. automotive practice.That’s a problem because engines and transmissions currently account for just under half of automaker manufacturing capacity, Credit Suisse auto analyst Dan Levy estimated in a Sept. 23 note to investors. As a result, automakers may face labor, social and political challenges as they transition to EVs, he wrote.‘Rough Time’GM’s EV factory in Lake Orion, Michigan, offers a window into what the UAW is worried about.While the plant is unionized, the automaker staffs it in part with lower-wage employees under a special contract. What’s more, 64% of the fully electric Bolt model’s content is made in Korea, including the battery.One of the biggest suppliers is Seoul-based LG Chem Ltd., which makes cells in South Korea and assembles packs for GM and Fiat Chrysler at a non-union plant in western Michigan with a starting wage for technicians of $16 an hour.That’s close to what Ford pays its entry-level temporary workers, but far below the $28 to $30 an hour for legacy UAW employees. Temp workers at Ford’s engine and transmission plants also can move up into legacy wage brackets, which isn’t the case at LG’s facility.“The move to electric could weaken the union further,” Joshua Murray, a labor expert and assistant professor of sociology at Vanderbilt University. “Certainly, the UAW is going to have to try to organize the battery plants, but I think they’ll have a rough time.”Imported BatteriesNo major automaker entirely outsources engines, in no small part thanks to displacement and horsepower being the source of marketing buzz and bragging rights for decades. EVs are a different story -- even Tesla relies heavily on Japan’s Panasonic Corp. in the making of its battery packs.Batteries -- the single most expensive part of an electric vehicle -- are almost exclusively manufactured overseas and mostly by companies relatively new to the automotive powertrain, such as China’s Contemporary Amperex Technology Co. Ltd. and South Korea’s SK Innovation Co.SK Innovation broke ground earlier this year on a new battery factory outside of Atlanta, which will employ some 2,000 non-union workers. And CEO Jun Kim thinks carmakers will have a tough time replicating what his company does.“There is a difference between the DNA of automakers and battery makers such as us,” Kim said in a March interview. “There are only a handful of battery suppliers that are capable of delivering high-quality products while guaranteeing cost competitiveness.”\--With assistance from David Welch.To contact the reporters on this story: Chester Dawson in Southfield at email@example.com;Keith Naughton in Southfield, Michigan at firstname.lastname@example.org;Gabrielle Coppola in New York at email@example.comTo contact the editor responsible for this story: Craig Trudell at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FRANKFURT, Germany, Sept. 12, 2019 /PRNewswire/ -- Contemporary Amperex Technology Co., Limited (CATL), a vital player in electric vehicle (EV) battery technology and manufacturing, is successfully delivering against its goal of advancing the transportation revolution through continuous innovation in EV technology and manufacturing. Updates at the International Automobile Exhibition (IAA) 2019 demonstrate how "Innovation Powers Life," now and in the future, through a host of new partnerships and developments across CATL's operations.
Company reveals cell-to-pack battery platform at IAA 2019 FRANKFURT, Germany , Sept. 10, 2019 /PRNewswire/ -- Contemporary Amperex Technology Co., Limited (CATL), a vital player in electric vehicle (EV) ...
The European Union is starting to act like China when it comes to building the batteries that will drive the next generation of cars and trucks.In the past few months, government officials led by European Commission Vice President Maros Sefcovic have joined with manufacturers, development banks and commercial lenders on measures that will channel more than 100 billion euros ($113 billion) into a supply chain for the lithium-ion packs that will power electric cars.Germany and France are prodding for action out of concern that China is racing ahead in new technologies sweeping the auto industry. With 13.8 million jobs representing 6.1% of employment linked to traditional auto manufacturing in the EU, authorities want to ensure that manufacturers can pivot toward supplying electric cars and batteries.“We are walking the talk,” Sefcovic said in remarks to Bloomberg. “We have overcome an initial resignation that this battle would be a lost one for Europe.”A number of trends are catalyzing the program, starting with the determination by EU nations to rein in greenhouse gases and fight climate change. They’re increasingly focused on reducing pollution from diesel engines and alarmed at the head start Chinese companies have in greener technologies. French President Emmanuel Macron in February said he “cannot be happy with a situation where 100% of the batteries of my electric vehicles are produced in Asia.”Drive Trains Go ElectricSo far, the EU’s program is starting to work and putting Europe on track to wrest market share away from China. By 2025, European companies that currently lack a single large battery maker will rival the U.S. in terms of capacity, according to forecasts from BloombergNEF. Measures that will spur investment include:France and Germany are working on measures to channel billions of euros into the battery industry. Sefcovic has said the EC may be able to embrace the state-aid proposal as a special project by the end of October. The two nations are seeking to draw in additional support from Spain, Sweden and Poland.The European Investment Bank gave preliminary approval in May to a 350 million-euro loan supporting NorthVolt AB’s bid to build a battery gigafactory in Sweden after the company completed a fund raising. The EIB along with the European Bank for Reconstruction & Development are working on a “raw materials investment facility” that will help to build a supply chain for rare Earth metals needed for batteries, according to Sefcovic who says he hopes the program will be launched by the end of the year. The EU in May started a 100 million-euro Breakthrough Energy Ventures fund with Microsoft Corp. founder Bill Gates and other investors to advance the energy transition, which is likely to include batteries. The EC has gathered at least 260 industrial companies including Peugeot SA, Total SA and Siemens AG in an alliance aimed at building capacity to make the energy storage devices in Europe.“A year or two ago, everyone was under the impression that it was already too late for Europe,” said James Frith, an energy storage analyst at BloombergNEF in London. “But they’ve made a commitment, and Europe is in a strong position now.”By 2025, Europe may control 11% of global battery cell manufacturing capacity, up from 4% now, according to Frith. That will pare back China’s market share and rival the U.S. command of the industry. The EC estimates the battery market may be worth 250 billion euros a year by then. It estimates at least 100 billion euros already has been committed to battery factories or their suppliers in Europe.The goal is to build enterprises in Europe that could supply the region’s automakers without requiring imports from the major battery manufacturing centers in Asia. Currently, Contemporary Amperex Technology Co., or CATL, and BYD Co. dominate production in China. Elon Musk’s Tesla Inc. is also building battery gigafactories in the U.S.So far, Europe has no established battery supply chain, though it has drawn investment in local factories from Korean firms including LG Chem Ltd. and Samsung SDI Co. as well as CATL.The new ambition of the commission is to stimulate companies big enough to supply the likes of BMW AG and Volkswagen AG, which plan a massive increase in electric car production. Across the industry, the outlook is for a rising portion of cars to run on batteries in the coming years.No single company will get the lion’s share of the investment or aid. Instead, dozens will benefit in addition to Peugeot and Total, which are building a cell plant in Kaiserslautern, Germany. Funds will also trickle into suppliers of parts or raw materials including Siemens, Umicore SA, Solvay SA and Manz AG.Scarred by losing control of the solar industry in the last decade, Germany is leading the push. The nation was the biggest producer of solar cells in the early 2000s before Chinese companies backed by government loans took the lead.When it comes to batteries, Economy and Energy Minister Peter Altmaier is focused on the 800,000 jobs in Germany tied directly to car manufacturing. Batteries account for about a third of the value of an electric car, and without facilities to make those in Europe, more jobs will go to Asia, Altmaier has said.“There’s going to be huge demand in Europe for battery cells,” Altmaier said on ARD Television in June. “We must have the ambition to build the best battery cells in the world in Europe and Germany.”Sefcovic envisions 10 or 20 “gigafactories” making battery cells across Europe and with his support the European Battery Alliance is seeking to coordinate research that will be the foundation of the plan. NorthVolt intends to be one of the major battery makers, feeding BMW and other major automakers.“If we want to be one of the major manufacturers in Europe by 2030 we need to build about 150 gigawatt-hours of capacity,’’ said NorthVolt Chief Executive Officer Peter Carlsson. “The customer demand is so strong that we are accelerating our plans. We have taken a huge step on the way to create a new Swedish industry that will have a big impact in cutting our dependence of fossil fuels.’’To contact the reporters on this story: Ewa Krukowska in Brussels at email@example.com;Jesper Starn in Stockholm at firstname.lastname@example.orgTo contact the editors responsible for this story: Reed Landberg at email@example.com, Brian ParkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Northvolt has secured a 350 million euro (303.79 million pounds) loan from the European Investment bank (EIB), the lender's largest ever direct financing of battery technology, as the Swedish startup raises funds to build Europe's biggest battery plant. The factory is critical to Europe's effort to compete with Asian rivals such as CATL, Samsung and LG Chem, which are leaders in the battery market after locking in supply deals with carmakers. Northvolt asked the EIB for the loan in September, part of a 1.5 billion euro fundraising, split equally between debt and equity, to build half of its planned 32 gigawatt hours (GWh) of annual battery capacity by 2023.
Northvolt has secured a 350 million euro loan from the European Investment bank (EIB), the lender's largest ever direct financing of battery technology, as the Swedish startup raises funds to build Europe's biggest battery plant. The factory is critical to Europe's effort to compete with Asian rivals such as CATL, Samsung and LG Chem, which are leaders in the battery market after locking in supply deals with carmakers. Northvolt asked the EIB for the loan in September, part of a 1.5 billion euro fundraising, split equally between debt and equity, to build half of its planned 32 gigawatt hours (GWh) of annual battery capacity by 2023.
NINGDE, China , May 15, 2019 /PRNewswire/ -- A long-term agreement has been signed between Contemporary Amperex Technology Co., Ltd. (CATL) and the world's top-tier OEM Volvo Car Group (Volvo Cars) to ...
BEIJING (Reuters) - China's top battery maker, Contemporary Amperex Technology Co Ltd (CATL), said it had signed a multi-billion dollar battery supply deal with Volvo Car Group. The deal to supply lithium ...
At one of the world’s largest auto shows in Shanghai this year, several manufacturers boasted their snazzy concept cars and talked up imminent launches. Before getting carried away with images of electric cars racing down roadways and crowding out gas guzzlers, there’s a stark reality to consider: Vehicles that appeal to swaths of consumers remain few and far between, and those on the road are still too expensive. Batteries comprise about half the cost of an electric car.
* PREVIOUS TRADING SESSION MOVES: * SSEC -1.2 pct, CSI300 -1.3 pct, HSI +0.2 pct * HK- Shanghai Connect daily quota used -3.1 pct, Shanghai- HK daily quota used -0.1 pct * HK- Shenzhen Connect ...
Chinese electric vehicle (EV) maker Byton, which is facing a management shake-up and questions about funding an expansion, said it has received over 50,000 orders globally for its new SUV model and plans to start production at the end of this year. "We plan to launch our first production car this July,” Daniel Kirchert, Byton's co-founder and CEO told Reuters in an interview on Thursday, adding that the company aims to manufacture 10,000 units by the first half of 2020. Byton's backers include Chinese retailer Suning, automaker FAW and Contemporary Amperex Technology Co.
BEIJING/DETROIT (Reuters) - It took one 330 kilometer trip from Chongqing to Chengdu in his Nio ES8, a seven-seater all-electric SUV, for its owner Wang Haichun to be consumed with buyer's remorse. Despite being billed as capable of going 335 km on a single full charge, the ES8 didn't get anywhere near that when driving on freeways at speeds above 100 km per hour (60mph), he said, adding that after 180 km, there was only 50 km of range left. Asked to comment on Wang's experience, Nio Inc said in an e-mailed statement the ES8 can travel more than 200 km when constantly driven at a 100 km per hour and that battery swap stations are available for quick recharging.
Volkswagen wants to broaden its base of battery cell suppliers in China beyond CATL and is reviewing five companies to see whether they can meet quality and volume requirements for the multi-brand group. "We are working with five battery cell suppliers qualifying them to group level. In China we have chosen to do this with Chinese players," Stephan Woellenstein (55), CEO of Volkswagen China Passenger Cars said in Shanghai on Monday.
* PREVIOUS TRADING SESSION MOVES: * SSEC -0.1 pct, CSI300 -0.1 pct, HSI +0.5 pct * HK- Shanghai Connect daily quota used -3.2 pct, Shanghai- HK daily quota used 1.7 pct * HK- Shenzhen Connect ...
April 2 (Reuters) - Shenzhen Kstar Science & Technology : * SAYS IT PLANS TO INVEST 98.0 MILLION YUAN ($14.58 million) TO SET UP NEW ENERGY TECHNOLOGY JV WITH CONTEMPORARY AMPEREX TECHNOLOGY Source text ...
March 12 (Reuters) - Contemporary Amperex Technology Co Ltd : * SAYS IT HAS NOT REACHED COOPERATION NOR SIGNED ANY BUSINESS AGREEMENT WITH TESLA INC, CLARIFYING MEDIA REPORT Source text in Chinese: https://bit.ly/2XS4c8f ...
CATL has been in talks with Tesla officials about the required specifications for the batteries, according to the Bloomberg report, which added that there was no guarantee that an agreement would be reached. In January, sources told Reuters that Tesla had signed a preliminary agreement with China's Tianjin Lishen to supply batteries for its new Shanghai car factory.
Contemporary Amperex Technology Ltd and Honda Motor have signed an agreement to co-operate on jointly developing lithium ion batteries for electric vehicles, as China's top EV battery maker expands its tie-ups with Japanese automakers. CATL said on Tuesday it had signed a memorandum of understanding with Honda under which it would guarantee supply of lithium-ion EV batteries with storage capacity of around 56 gigawatt hours (GWh) to the automaker by 2027, and set up an office near Honda's research unit in Tochigi Prefecture, outside Tokyo.
Daimler AG will deepen partnerships with Chinese auto suppliers since they often lead United States and European rivals in key technologies for electric cars and connected vehicles, Mercedes-Benz executive Wilko Stark said on Thursday. Stark, who is currently head of Procurement and Supplier Quality at Mercedes-Benz said the shift towards electric and connected cars has made it more dependent on battery cell chemistry and connected vehicles expertise from outside the company. "We will think about partnerships in some areas.