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CATL, Toyota Team Up for New-Energy Vehicle Batteries

By Tang Ziyi / Jul 17, 2019 05:47 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Chinese battery maker Contemporary Amperex Technology Co. Ltd. (CATL) has agreed to partner with Toyota Motor Corp. as Japan’s largest automaker ramps up its efforts to develop and sell greener vehicles.

Under the partnership, CATL will develop and supply batteries for Toyota’s new energy vehicles, according to a statement released Wednesday by the latter company.

The move comes amid a rapid industry shift toward electric vehicles that has carmakers scrambling to lock down future battery supplies.

Toyota has set a goal to get half of its total sales from electrified autos — a category that includes gasoline hybrid, plug-in hybrid, and battery-powered electric vehicles — by 2025, according to Nikkei.

Last month, Toyota teamed up with CATL and BYD Co., both of which are expected to supply lithium-ion batteries for the Japanese automaker, the Financial Times reported.

Related: Toyota to Buy Batteries from China’s CATL and BYD as It Revs Up Electric Car Plans

Contact reporter Tang Ziyi (ziyitang@caixin.com)

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