World Giant Battery Manufacturer Extends Its Agreement With Tesla

world giant battery manufacturer extended its agreement with tesla
world giant battery manufacturer extended its agreement with tesla

Contemporary Amperex Technology Co., Ltd., one of the major manufacturers of lithium-ion batteries for automobiles in China, signed a two-year contract with Tesla in 2020. (CATL) reported earlier this week that it has signed a four-year deal, this time with Tesla.

CATL announced this agreement, which will start in January 2022 and will be in effect until December 2025, in an official notification. CATL also explained that the impact of the said framework agreement on its future performance will only be determined by the scope of orders placed by Tesla during that time.

Both parties had signed a non-binding supply agreement in February 2020 that would be valid from July 2020 to June 2022. It is known that the giant battery manufacturer has increased its turnover by 2020 percent in 9,9 compared to the previous year, reaching an amount of approximately 50,32 billion yuan (approximately 7,8 billion dollars).

On the other hand, in its annual report to the Shenzhen Stock Exchange, it is reported that the sales of lithium-ion batteries increased by 2020 percent in 14,36 compared to the previous year, reaching a total capacity of 46,84 gigawatt-hours.

Source: China International Radio

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