The two companies have agreed to engage in a comprehensive strategic partnership from 2025-2034, with Neta making CATL its preferred partner for vehicle power batteries.
Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) has signed a 10-year strategic partnership agreement with Chinese electric vehicle (EV) startup Neta Auto, as the battery giant strives to consolidate its position amid stiff competition.
The companies signed the partnership agreement on May 24 in Shanghai, where Neta is headquartered, in the presence of Robin Zeng, chairman and CEO of CATL; Fang Yunzhou, founder and chairman of Neta; and Zhang Yong, co-founder and CEO of Neta, according to their press releases.
The two sides agreed to launch a comprehensive strategic partnership from 2025-2034, with Neta making CATL its preferred partner for vehicle power batteries.
CATL, in turn, provides Neta with market-competitive power battery products and services, according to press releases from both.
The two companies will also work together in the areas of zero carbon, CIIC (CATL Integrated Intelligent Chassis), battery swap, V2G (Vehicle to Gird), battery recycling, and market development.
CATL and Neta have been working together for years, with the latter's first model featuring CATL's batteries, the battery maker's press release emphasized.
Neta said it hopes the partnership will help it transform itself from “China's Neta” to “the world's Neta.
The Neta S shooting brake, which is expected to go on sale in the second half of this year, will use the CIIC chassis developed by Neta and CATL, as well as 800 V high-voltage fast-charging technology, Neta said.
Neta is the EV brand of Hozon Auto, which was founded in October 2014.
In November 2018, Neta's first model, the N01, was launched at the 2018 Guangzhou auto show. The model has now been discontinued.
On November 8, 2021, CATL and Neta signed a strategic cooperation agreement to collaborate on technology development and supply chain.
CATL would participate in Neta's D2 round of financing, according to the latter's statement at the time, which did not disclose the exact amount.
CATL is the world's largest EV battery maker, with a global share of 36.8 percent in 2023, according to South Korean market researcher SNE Research.
But the Chinese battery giant is facing challenges from smaller peers including CALB, Gotion High-tech, and Sunwoda, pushing it to solidify its position with more active moves.
On January 17, 2023, CATL signed a five-year strategic cooperation agreement with Nio (NYSE: NIO) at its headquarters in Ningde, Fujian province, involving technology collaboration on new brands, projects and markets.
On March 14 of this year, Nio entered into a new cooperation agreement with CATL to make long-life EV batteries.
On April 18, CATL signed a partnership with Volvo Cars on battery recycling and material reuse.
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