June 7, 2019
TOKYO (Reuters) – Toyota Motor Corp will tie up with leading Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL), in a move to accelerate the electrification of its products, the Nikkei newspaper said on Friday.
The Japanese automaker will sign a memorandum of understanding on a “strategic partnership” with the Chinese company, the Nikkei said, without citing sources.
Toyota, which was due to have a media briefing on its electrification strategy on Friday, did not comment on details when contacted by Reuters.
While Toyota had set a target to raise its annual sales of electrified vehicles to at least 5.5 million by 2030, the deal would enable it to achieve that goal by 2025, the Nikkei said.
CATL has built relationships with other Japanese automakers, including Honda Motor and Nissan Motor. It also signed a multi-billion dollar battery supply deal with Volvo Car Group in May.
(Reporting by Takashi Umekawa; editing by Uttaresh.V)