The two parties are exploring the possibility of forming a joint venture to further support Stellantis' electrification strategy.
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Stellantis has signed a non-binding memorandum of understanding (MoU) with Chinese power battery giant CATL to facilitate its access to power batteries in Europe.
CATL will supply Stellantis with lithium iron phosphate (LFP) battery cells and modules in Europe to help the latter's electric vehicle (EV) production in the European market, according to a statement by the automotive giant today.
To further support Stellantis' electrification strategy and goals, the two companies are exploring the possibility of forming a joint venture, the carmaker said.
The memorandum of understanding with CATL on LFP batteries is another component of Stellantis' long-term strategy to protect the freedom of mobility for Europe's middle class, said Carlos Tavares, the automaker's global CEO.
CATL will work with Stellantis' many automotive brands to bring innovative and easy-to-use battery technology to its customers, and will help Stellantis achieve its goal of reaching net-zero carbon emissions by 2038, Tavares said.
The LFP battery's long life and high thermal stability will help Stellantis offer customers affordable EVs in the B- to C-segment range of sedans, crossovers and SUVs, the Stellantis statement said.
Stellantis aims to have all passenger cars sold in Europe be electric by 2030, and 50 percent of passenger cars and light trucks sold in the US be electric.
Stellantis is creating a series of partnerships to ensure a stable and low-carbon supply of key raw materials in the implementation of its electrified future, its statement said.
CATL continued to rank first in the world with a 36.8 percent share of the 178.9 GWh of batteries installed from January to September, according to data released on November 7 by South Korean market researcher SNE Research.
In China, CATL's power battery installed capacity was 16.78 GWh in October, ranking first with a 42.81 percent share, according to China Automotive Battery Innovation Alliance (CABIA).
BYD is China's largest battery maker in the LFP market.
BYD installed 10.28 GWh of LFP batteries in China in October, topping the list with a 38.31percent share.
CATL had an installed base of 8.54 GWh in the Chinese LFP battery market in October, ranking second with a 31.84percent share.
China EV battery installations in Oct: CATL's share rises to 42.18%, BYD drops to 26.23%
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