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Toyota, China's CATL Partner For New Energy Vehicle Batteries

Toyota Motor Corp. (TYT.L,TM) and China's Contemporary Amperex Technology Co., Limited or CATL reached a partnership agreement to supply and develop batteries for New Energy Vehicle.

The Japanese automaker said that the companies also commenced discussions that cover a wide range of fields, including new technology development, and the reuse and recycling of batteries.

"To further promote the widespread use of electrified vehicles, CATL and Toyota agree that a stable supply of batteries is critical and that battery technology must be further developed and advanced," Toyota Motor said.

Under the collaboration, CATL will merge its battery development and supply capabilities with Toyota's electrified vehicle and battery development technologies.

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