Sep 08, 2022 03:52 AM

BUSINESS

Honda Sets Up New Venture to Procure Batteries From CATL

By An Limin and Denise Jia

Honda’s electric car prototype on display at the Shanghai Auto Show April 20, 2021.

Honda’s electric car prototype on display at the Shanghai Auto Show April 20, 2021.

Honda Motor Co. Ltd.’s Chinese unit will set up a new joint venture with two Chinese partners to procure electric vehicle batteries from battery giant Contemporary Amperex Technology Co. Ltd. (CATL), the Japanese automaker said Wednesday.

The joint venture will be 50% owned by Honda Motor (China) Investment Co. Ltd. and 25% each by Dongfeng Motor Corp. Ltd. and Guangzhou Automobile Group Co. Ltd. (GAC). It is to be established by the end of this month.

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