Hyperdrive
Toyota Strikes Deal With World’s Top Supplier of Electric Car Batteries
- Automakers rushing to line up supplies in electrification race
- Toyota has also partnered with BYD, Panasonic in batteries
This article is for subscribers only.
Toyota Motor Corp. agreed to buy batteries from Contemporary Amperex Technology Co. Ltd. as part of a broader partnership, the latest in a slew of tie-ups being forged as global carmakers race to secure stable supplies for electric vehicles.
The two companies are also discussing various topics ranging from the development of new technology to recycling, Toyota said in a statement Wednesday. The agreement, flagged last month, is a boon for China’s CATL, which competes with Toyota’s partner Panasonic Corp. for the industry lead. Terms of the accord weren’t disclosed.