Honda Agrees To Procure 123 GWh BEV Batteries From CATL - Honda Motor Co (NYSE:HMC)

Honda Motor Co Ltd's HMC Honda Motor (China) Investment Co., Ltd has signed an agreement with Contemporary Amperex Technology Co Limited (CATL) regarding batteries for electric vehicles.
According to the agreement, from 2024 through 2030, Honda will purchase 123 GWh of batteries for pure electric vehicles in China from CATL.
The batteries will be produced in CATL's production base in Yichun, east China's Jiangxi Province.
Also Read: Honda Targets People Who Don't Want To Drive With Micro Cars
The battery supply agreement will secure a long-term stable battery supply for Honda.
In 2020, CATL and Honda signed an agreement to form a comprehensive strategic alliance on new energy vehicle batteries.
The 2020 agreement enabled the parties to collaborate in joint development, stable supply, and the recycling and reuse of batteries.
Price Action: HMC shares closed higher by 0.63% at $23.85 on Wednesday.
Photo Via Company