CATL and Beijing Hyundai sign strategic agreement on EV batteries

by Ajay Rajguru

BEIJINGApril 28, 2024 /PRNewswire/ — On April 25, 2024, CATL (SZ:300750) and Beijing Hyundai signed a strategic partnership agreement at Auto China 2024 to cooperate on Beijing Hyundai’s EV projects and to power future Beijing Hyundai electric models with CATL batteries.

As a joint venture with a deep presence in China for 21 years, Beijing Hyundai has sold over 12 million vehicles in China, proving reliable vehicle manufacturing capabilities. Since its cooperation with CATL began in 2017, Beijing Hyundai has launched a series of popular models with cumulative sales exceeding 200,000 units.

With the new agreement in place, Beijing Hyundai is expected to unleash a wave of over 10 leading global models equipped with CATL’s latest battery technology including CTP and NP. CATL will leverage its technological advantages to work with Beijing Hyundai to create high-quality automotive products and support Beijing Hyundai’s business growth in China. A shared focus on product development ensures a win-win for both companies.

CATL has established and strengthened partnership with Hyundai over the past years. In October 2021, CATL and Hyundai Mobis Co., Ltd. (MOBIS) signed a technology licensing and partnership agreement, according to which CATL will introduce and disclose its CTP (cell to pack) technology to MOBIS as well as support MOBIS in the supply of related CTP products not only in South Korea, but also worldwide.

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