February 3, 2020 / 12:57 AM / 6 months ago

China's CATL signs battery supply agreement with Tesla

FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

SHANGHAI (Reuters) - China’s top electric vehicle battery maker CATL (300750.SZ) said on Monday it has signed a battery supply agreement with Tesla (TSLA.O).

Tesla will determine the battery purchase volume between July 2020 and June 2022, according to its own needs, CATL said in a stock exchange filing, adding the agreement does not impose restrictions on Tesla’s purchase volume.

Tesla, which has a long-standing battery supply agreement with Japan’s Panasonic Corp (6752.T), said during its earnings call last week that its pact with LG Chem (051910.KS) and CATL was at a smaller scale.

Tesla is building Model 3 vehicles from its $2 billion Shanghai factory, which started delivering cars last year, and has said it would diversify battery supplies for the plant.

Reporting by Yilei Sun and Brenda Goh; Editing by Kim Coghill and Uttaresh.V

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