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Tesla and China’s top electric vehicle battery maker CATL have agreed to a supply agreement, according to a Reuters report.
While the partnership had been previously acknowledged, a new filing confirms the deal.
“‘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,” the report said.
As Tesla ramps production, including its new plant in Shanghai, the company is going to need a lot of batteries and has diversified its suppliers to keep pace with demand. Tesla hopes to eventually expand production at Giga Shanghai to 500,000 vehicles a year.
The company’s battery partners now include CATL, LG Chem, and Panasonic.