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Honda Motors (NYSE:HMC) announced Thursday that Chinese battery giant, CATL would supply batteries for seven years for its electric vehicles (EV) in China. The automaker said the Chinese firm would provide 123 GWh worth of batteries starting in 2024 through 2030 for the Honda’s e:N Series.
The automaker is seeking to expand its presence in China, the world’s largest auto market. It unveiled the second model of its new China-only EV lineup in November as part of its effort to roll out the e:N Series.
Shares of HMC are down 0.19% in mid-day trading on Thursday.
