Logo of Phnom Penh Post newspaper Phnom Penh Post - China’s CATL, Honda ink partnership on batteries

China’s CATL, Honda ink partnership on batteries

Content image - Phnom Penh Post
In the first half of this year, CATL’s total installed capacity was 2.29GWh, giving it a 48.78 per cent market share. XINHUA NEWS AGENCY/CHINA DAILY

China’s CATL, Honda ink partnership on batteries

China’s largest battery supplier Contemporary Amperex Technology Co Ltd (CATL) and Japan’s Honda Motor Co inked a strategic partnership on new energy vehicle batteries on Friday as the auto industry is speeding up its transition towards electrification.

Honda will buy a one per cent stake in CATL, who will provide competitive power batteries and enable Honda to secure a stable supply of batteries.

The two companies will also jointly develop battery technologies. Honda is expected to launch its first electric vehicle with CATL’s battery in China by 2022.

In addition to the joint development, the two sides will expand their global partnership in recycling and reusing batteries.

Honda senior managing director Toshihiro Mibe said: “As the speed of electrification continues to increase, CATL will be a source of new strength for Honda.

“We believe that our long-term alliance will enable Honda to further increase the competitiveness of our electrified products.”

CATL president Zhou Jia said: “Honda is a key player in global electrification.

“Through this strategic cooperation, CATL and Honda will establish a stronger global partnership.

“We are working together to deliver more competitive products and solutions to global electrification, and to finally achieve a clean and pleasant style of mobility.”

In February last year, CATL signed agreement with Honda to develop electric vehicles and provide 56GWh lithium-ion power batteries to Honda before 2027.

The new partnership comes at a time when international carmakers are buying stakes in Chinese power battery companies to ensure supplies as they rev up production of electric vehicles.

Earlier this month, Daimler AG acquired a stake of around three per cent in Chinese battery cell maker Farasis Energy Inc.

In late May, Volkswagen acquired a 26 per cent stake in Gotion High-Tech Co Ltd to become the largest shareholder of the Chinese battery manufacturer.

In addition to Honda, CATL is also battery supplier of Volkswagen AG, Bayerische Motoren Werke AG (BMW), Tesla Inc and other world-renowned carmakers, while Honda is the first overseas auto group with a stake in CATL.

CATL said that through the non-public issuance of stocks, it will strengthen its battery development and further expand production capacity to meet growing market demands and enhance the company’s profitability.

In the first half of this year, CATL’s total installed capacity was 2.29GWh, giving it a 48.78 per cent market share, the China Automotive Battery Industry Innovation Alliance said.

Last year, Honda with its Chinese joint venture GAC launched its first pure electric vehicle, the VE-1 SUV.

Globally, Honda has cooperated with Japanese electronics maker Hitachi Ltd’s auto parts subsidiary to develop, produce and sell motors to be used in hybrids, plug-in hybrids and battery-powered electric cars.

The carmaker has also partnered with General Motors Co (GM) to develop two new electric vehicles.

The two sides will cooperate to develop hydrogen fuel cell vehicle technology.

CHINA DAILY/ASIA NEWS NETWORK

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Quarantine site in north Phnom Penh inaugurated

    A four-building quarantine centre in Phnom Penh’s Prek Pnov district was formally inaugurated on January 6. The centre can house up to 500 people, according to Phnom Penh municipal governor Khuong Sreng. At the inauguration ceremony, Sreng said the municipal hall had cooperated with the Ministry

  • ‘Beware of WhatsApp fraudsters’

    The Ministry of Posts and Telecommunications warned members of the public who use WhatsApp to vigilantly guard against a new trick employed by hackers that involves the use of six-digit codes sent to potential victims via the popular messaging app. The ministry said hackers could