Tesla Catl Agreement

SHANGHAI (Reuters) – China`s leading electric vehicle battery maker CATL 300750.SZ said on Monday it had signed a battery supply agreement with Tesla TSLA.O. The Reuters article is a bit easy to detail, but gives us more information than we knew so far. The deal has a two-year term from mid-2020, but “does not limit Tesla`s purchase volume.” CATL said, “Cooperation is not an intentional agreement” and “Tesla will buy lithium-ion batteries from CATL.” Last Thursday, Reuters reported that Tesla had signed battery supply contracts with CATL and South Korea`s LG Chem Ltd (OTC: LGCLF). The parties did not confirm a partnership at the time. The agreement has a two-year term, from July 2020 to June 2022, and has no established capacity limits. CatL, headquartered in Ningde, has signed a two-year supplier agreement with Tesla, which will take effect between July 2020 and June 2022, Reuters reported on Sunday. In March 2019, Bloomberg reported that they were talking about a battery supply contract for Tesla`s first Chinese-made car, the Model 3; a provisional agreement was confirmed later in November. Tesla will determine the volume of battery purchases based on its own needs between July 2020 and June 2022, CATL said in a stock exchange statement, adding that the deal does not impose any restrictions on Tesla`s purchase volume. We already heard in November about a rumor about a delivery contract between CATL and Tesla. At the time, the agreement was only provisional, but it now appears to have been confirmed by both sides.

One of the world`s largest battery suppliers, CATL, has signed a deal with Tesla, as Reuters reports. Fisker and Magna International have reached an agreement to begin the operation phase of production of the Fisker Ocean SUV. China`s largest energy battery maker, Contemporary Amperex Technology Co Ltd, said on Thursday it had signed an agreement for the supply of volume generation supplies with U.S. automaker Tesla, according to the China Securities Journal. Tesla, which struck a long-standing battery deal with Japan`s Panasonic Corp 6752.T, said on its conference call last week that its pact with LG Chem 051910.KS and CATL was on a smaller scale.

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