January 30, 2020 / 10:50 AM / 20 days ago

Tesla partners with LG Chem, CATL for battery supply

FILE PHOTO: The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. REUTERS/Tyrone Siu/File Photo

(Reuters) - Tesla Inc (TSLA.O) has entered into a partnership with South Korea’s LG Chem Ltd (051910.KS) and China’s CATL (300750.SZ) for supply of batteries used in its electric cars, the company said on Wednesday.

Tesla, which has a long-standing battery supply agreement with Japan’s Panasonic Corp (6752.T), said its pact with LG Chem and CATL was at a smaller scale.

LG Chem declined to comment, while CATL did not respond to Reuters’ requests for comment. Tesla was not immediately available to comment on the details of the new partnership.

Last year, Reuters reported on Tesla’s talks with LG Chem to source batteries for vehicles to be made in its Shanghai plant. A source had also told Reuters that the electric carmaker may source batteries from CATL in the future.

Reporting by Shubham Kalia in Bengaluru; Editing by Saumyadeb Chakrabarty

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