- Honda Motor Co Ltd’s (NYSE:HMC) Honda Motor (China) Investment Co., Ltd has signed an agreement with Contemporary Amperex Technology Co Limited (CATL) regarding batteries for electric vehicles.
- According to the agreement, from 2024 through 2030, Honda will purchase 123 GWh of batteries for pure electric vehicles in China from CATL.
- The batteries will be produced in CATL’s production base in Yichun, east China’s Jiangxi Province.
- Also Read: Honda Targets People Who Don’t Want To Drive With Micro Cars
- The battery supply agreement will secure a long-term stable battery supply for Honda.
- In 2020, CATL and Honda signed an agreement to form a comprehensive strategic alliance on new energy vehicle batteries.
- The 2020 agreement enabled the parties to collaborate in joint development, stable supply, and the recycling and reuse of batteries.
- Price Action: HMC shares closed higher by 0.63% at $23.85 on Wednesday.
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