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CATL reportedly to supply power cells to Hyundai Motor Group

TaiShang

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Chinese battery supplier CATL is said to supply power cells to two models built on Hyundai Motor Group's E-GMP platform, with supplies set to begin in 2023, according to cls.cn, citing sources familiar with the matter.

Hyundai Motor Group recently put out a power battery bid for three of its electric vehicles, including the Hyundai i-onic 7, to be launched after 2023.

The battery bid for one of the cars was taken by SK Innovation, while the bids for the other two were awarded to CATL, with the size of the winning bid perhaps exceeding RMB 10 billion yuan, the report said.

As the global new energy vehicle sales continue to climb, it also triggers a surge in demand for power batteries. In 2021 China's electric vehicle sales are expected to be above 2 million units, corresponding to a battery demand of 100GWh, according to Dongwu Securities.

And the demand for batteries in the entire European market will reach 400GWh in 2030, according to an agency's forecast.

The global demand for power batteries is also stimulating CATL's desire to invest. On February 2, CATL made three announcements in a row, planning to invest in battery production bases in Zhaoqing of Guangdong, Yibin of Sichuan, and Ningde of Fujian, with investments of RMB 12 billion yuan, RMB 12 billion yuan, and RMB 5 billion yuan, respectively.


And at the end of December 2020, more than a month ago, CATL announced that it would invest RMB 39 billion to expand production in Fuding in Fujian, Yibin in Sichuan and Liyang inJiangsu.

Currently CATL has planned at least 8 major self-built production bases, including Zhangwan District (Dongqiao/Hudong/Huxi), Chewan and Fuding in Ningde, Liyang, Yibin in Sichuan and Qinghai base, Zhaoqing in Guangdong and Thuringia in Germany.

CATL reportedly to supply power cells to Hyundai Motor Group-cnEVpost


(Source: CATL)
 

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