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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Stellantis, CATL sign preliminary deal for LFP battery supply in Europe, consider JV

Photo Credit: Dado Ruvic
Photo Credit: Dado Ruvic Photo Credit: Dado Ruvic
Photo Credit: Dado Ruvic
Photo Credit: Dado Ruvic Photo Credit: Dado Ruvic

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Car manufacturer Stellantis (STLAM.MI) and Chinese electric vehicle battery giant CATL (300750. SZ) said on Tuesday that they had signed a preliminary deal for the supply of battery cells and modules for the production of electric vehicles (EVs) by the car manufacturer in Europe.

In a joint statement, the two firms also examined the possibility of investing to establish a 50-50 joint venture to support the automakers’ electrification agenda.

CATL will sell lithium iron phosphate (LFP) batteries to the Franco-Italian manufacturer, which is the owner of brands such as Jeep, Peugeot, Fiat, and Alfa Romeo, according to the deal, for which the specifics of the financial transaction were not disclosed.

They stated that LFP batteries will enable Stellantis to offer high-quality electric vehicles that are long-lasting and reasonably priced in the passenger car, crossover, and small and medium-sized SUV markets.

The memorandum of understanding (MoU) between Stellantis and CATL that was announced on Tuesday highlighted a long-term collaboration between the two groups, including “identifying opportunities to further strengthen the battery value chain,” according to statements made by both companies.

“We believe the partnership will be a decisive step on the journey towards both parties’ carbon neutrality goals,” said Robin Zeng, Chairman and General Manager of CATL.

Carlos Tavares, the Chief Executive Officer of Stellantis, described the Memorandum of Understanding (MoU) on LFP battery chemistry as “another ingredient in our long-term strategy to protect freedom of mobility for the European middle class.”

Stellantis is building three gigafactories in France, Germany, and Italy for its electric vehicle (EV) battery needs in Europe as part of its ACC joint venture with Mercedes (MBGn.DE) and TotalEnergies (TTEF.PA), and others may follow in the region as well. Since the beginning of 2021, when it was formed due to the merger of Fiat Chrysler and the maker of Peugeot automobiles, PSA, it has established some supply agreements for the materials required for its global EV manufacturing.


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