BEIJING / TOKYO (Reuters) – Honda Motor will buy a 1% stake in Chinese manufacturer of electric vehicle batteries (EVs) Contemporary Amperex Technology (CATL) and both will jointly develop the component, the companies said on Friday.
The deal comes at a time when car and battery manufacturers are joining forces for the sector’s electrification. CATL said last year that it would develop batteries with Honda and would also supply batteries to Tesla, Toyota and Volkswagen.
Honda and CATL said in a statement that they will develop battery technologies and do research on battery recycling. Honda will launch its first CATL battery-powered electric vehicle in China in 2022 and will expand the partnership globally with stable battery supplies in the future.
For the North American market, Honda has partnered with General Motors to develop two new electric vehicles. The two are also working to develop technology for vehicles powered by hydrogen cells.
CATL is building a battery factory in Germany and is considering expanding to North America.
(By Yilei Sun and Norihiko Shirouzu in Beijing, Naomi Tajitsu in Tokyo and Brenda Goh in Shanghai)
((Translation São Paulo Writing; 55 11 56447727))
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