Toyota Motor Corporation and Contemporary Amperex Technology Co Limited (CATL), the world's leading supplier of drive battery systems for vehicles, have entered into a comprehensive partnership agreement for the stable supply and further development of New Energy Vehicle (NEV) batteries. The two companies have also commenced discussions that cover a wide range of fields, including supply of batteries, new technology development, product quality improvements, and the reuse and recycling of batteries.
CATL is with competitive advantages across the globe. In recent years, as vehicle electrification has accelerated worldwide, the company has won recognition from many automobile manufacturers both in China and overseas. Toyota was one of the first companies to promote the widespread use of electrified vehicles and boasts a rich array of technologies and experience in the development, production, and sales of electrified vehicles.
To further promote the widespread use of electrified vehicles, CATL and Toyota agree that a stable supply of batteries is critical and that battery technology must be further developed and advanced. To this end, the two companies intend to establish joint systems and engage in specific initiatives together.
Through this broad-ranging collaboration, CATL will combine its battery development and supply capabilities with Toyota's electrified vehicle and battery development technologies. With this combination, the two companies will engage in the development of electrified vehicles that are attractive to customers and drive their widespread adoption.