Toyota widens procurement for electric batteries with these new deals

The electrification of the auto industry is taking place at a neck breaking speed. Much of its success will depend on cost effective access to batteries which will power these electric vehicles.

In a significant development, Japan’s Toyota Motor Corp has agreed to partner with China’s Contemporary Amperex Technology Co Ltd (CATL) to supply and develop batteries for new energy vehicles.

“To further promote the widespread use of electrified vehicles, CATL and Toyota agree that a stable supply of batteries is critical and that battery technology must be further developed and advanced,” said Toyota in a statement.

Toyota, Japan’s largest automaker stated, by 2025 it expects 50% of its global sales to come from electrified vehicles; this is five years ahead of schedule.

Last month it stated, it would partner with China’s CATL and BYD Co Ltd, for battery procurement.

These developments underscore the breakneck growth that is taking place in the electric vehicle market, which is transfo

The electrification of the auto industry is taking place at a neck breaking speed. Much of its success will depend on cost effective access to batteries which will power these electric vehicles.

In a significant development, Japan’s Toyota Motor Corp has agreed to partner with China’s Contemporary Amperex Technology Co Ltd (CATL) to supply and develop batteries for new energy vehicles.

“To further promote the widespread use of electrified vehicles, CATL and Toyota agree that a stable supply of batteries is critical and that battery technology must be further developed and advanced,” said Toyota in a statement.

Toyota, Japan’s largest automaker stated, by 2025 it expects 50% of its global sales to come from electrified vehicles; this is five years ahead of schedule.

Last month it stated, it would partner with China’s CATL and BYD Co Ltd, for battery procurement.

These developments underscore the breakneck growth that is taking place in the electric vehicle market, which is transforming the auto industry. It is also an acknowledgment by Toyota, that it may find it difficult to meet growing demand for batteries on its own.

Its agreement with CATL signals a widening of Toyota’s procurement pool.

rming the auto industry. It is also an acknowledgment by Toyota, that it may find it difficult to meet growing demand for batteries on its own.

Its agreement with CATL signals a widening of Toyota’s procurement pool.

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