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CATL and Honda to form comprehensive strategic alliance on batteries for New Energy Vehicles; Honda acquires 1% of shares

China-based Contemporary Amperex Technology Co., Limited (CATL) and Honda have signed an agreement to form a comprehensive strategic alliance on new energy vehicle batteries to strengthen their strategic partnership and promote the popularization of electrified vehicles.

This agreement will enable the two companies to begin discussions on a broad range of areas including joint development, stable supply, and the recycling and reuse of batteries.

By bringing together the two companies’ individual technology advantages, CATL and Honda will conduct joint development on NEVs’ batteries and joint R&D into fundamental technologies, aiming for their future application. CATL will provide stable supply of NEV batteries to Honda, mainly for battery electric vehicles (BEVs).

The first model equipped with a CATL battery is scheduled to be launched in the Chinese market in 2022. This alliance will be further expanded to the global level in the future. Moreover, battery recycling and reuse also will be a topic in further discussions between CATL and Honda.

Honda has acquired approximately 1% of CATL shares through the non-public issuance of stocks, which makes Honda a leading strategic partner of CATL. This will enable Honda to secure a stable supply of batteries with excellent product and cost competitiveness.

Through the non-public issuance of stocks, CATL will strengthen its battery development and further expand production capacity, etc. Based on this alliance, the two companies will strengthen initiatives to further popularize electrified vehicles and establish a long-term relationship.

CATL will also supply batteries to Tesla, Toyota and Volkswagen.

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