Toyota to Buy Batteries from China’s CATL and BYD as It Revs Up Electric Car Plans June 8, 2019

Chinese battery makers Contemporary Amperex Technology Co. Ltd. (CATL) and BYD Co. have agreed to partner with Toyota Motor Corp. as the Japanese automaker dramatically accelerates its plan to develop and sell green vehicles.

Details of the deal have not yet been announced, but the Financial Times said CATL and BYD are expected to supply lithium-ion batteries for Toyota-brand electric vehicles to be released in China and other markets starting next year. It is the first time Toyota has teamed up with a Chinese battery manufacturer.

Toyota also agreed to buy batteries from Japanese companies Toshiba Corp. and GS Yuasa Corp., adding to the supply it already gets from Panasonic Corporation, the Nikkei and the Financial Times reported, citing the company’s statement on Friday.

The deals come amid a rapid global shift towards electric vehicles that has forced automakers to scramble to lock up future battery supplies so that they can meet their ambitious goals to make electric vehicles a major part of their product offerings in coming years.

Two years ago, Toyota said its annual sales of electrified autos – a category that includes gasoline hybrid, plug-in hybrid and battery powered electric vehicles – would reach 5.5 million units, or half of its total sales, in 2030. The company has now pushed that goal forward to 2025, necessitating the new battery supply deals, according to Nikkei.

Fujian province-based CATL was founded only eight years ago and has developed into the world’s largest battery maker, having overtaken Panasonic’s by sales volume in 2017.

Until last year, BYD, China’s top electric-car maker, made batteries mainly for its own use. But the company has since begun to manufacture batteries for other companies, a move that has brought it into direct competition with CATL.

ARTICLE: Caixin Global | Toyota to Buy Batteries from China’s CATL and BYD as It Revs Up Electric Car Plans

To be the first to hear about Project Updates, ASX Releases, Company News and more – CLICK HERE to subscribe to the Orocobre eNewsletter

Latest News &

All our latest news, speeches, announcements, presentations and media releases from Orocobre Limited. The best way to stay up to date is to sign up for our newsletter.

  • 2021 Sustainability Report

    2021 Sustainability Report

    Please click below link to access Orocobre’s 2021 Sustainability report
  • Orocobre September Quarterly Production Briefing

    Orocobre September Quarterly Production Briefing

    Click below to listen to the Orocobre September Quarterly Production briefing held on 22 October at 10am AEST (Brisbane), 11am AEDT (Sydney, Melbourne)
  • International Lithium Association (ILiA) established for the ‘lithium century’

    International Lithium Association (ILiA) established for the ‘lithium century’

    ILiA has been formed to provide a central, global voice of the global lithium industry and their stakeholders, and to promote a sustainable and a responsible future for the lithium value chain.   “Our company’s vision to power a sustainable future supports the International Lithium Association’s goal to promote the reliable supply of lithium necessary... View Article

Be the first to know.
Subscribe Now.

We will never sell or share this information to anyone. Privacy Policy
© 2022 Orocobre Limited Pty Ltd