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6/6, 9:11 PM (Source: TeleTrader)
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Toyota, CATL to form 'strategic partnership'

Japanese auto industry giant Toyota Motor Corp. will partner with Chinese batterymaker Contemporary Amperex Technology Co. Ltd. (CATL), the Nikkei Asian Review reported on Thursday.

The two companies will sign a memorandum of understanding on a "strategic partnership" and define the details at a later date, the Japanese media outlet stated. CATL is expected to supply lithium-ion batteries for Toyota-branded electric vehicles that will be released in China and other markets from next year. They are expected to cooperate on adopting shared standards, improving battery quality and reusing batteries.

The reports come after CATL recently signed an agreement with the Volvo Car Group for a long-term supply of lithium-ion batteries. It signed similar deals with BMW and Volkswagen last summer and said that it will build a factory that will provide batteries for electric cars.

Breaking the News / DZ