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CATL prospects brighten on Tesla deal By CHENG YU and ZHENG XIN | CHINA DAILY | Updated: 2021-06-30 08:58 Share CLOSE A technician of Contemporary Amperex Technology Co Ltd checks an electric vehicle battery at the company s plant in Ningde, Fujian province. [Photo/Xinhua]
Shares of Contemporary Amperex Technology Co Ltd, better known as CATL, which makes electric vehicle batteries, rose nearly 3 percent to 508.51 yuan ($78.7) on the Shenzhen Stock Exchange on Tuesday, an all-time high, after the company extended a battery supply deal with US-based EV maker Tesla Inc on Monday.
In a filing, the Ningde, Fujian province-based company said it will continue to provide lithium-ion battery packs to Tesla from January next year until the end of 2025, as part of an extended contract signed first in February last year. Under the first contract, CATL was to supply lithium-ion batteries to Tesla from July 2020 to June 2022.