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Mercedes Benz (OTC:DDAIF) announced Friday that the automaker is expanding its supply agreement with Chinese battery maker Contemporary Amperex Technology Co. (SZ:300750).
Mercedes announced that once built the battery supplier’s new factory (also announced Friday) in Debrecen, Hungary will supply battery cells for the next generation of Mercedes-Benz vehicles.
“Through its strategic partnership with CATL, Mercedes-Benz will advance its development of current and future best-in-class lithium-ion batteries,” the automaker said.
The announcement would make Mercedes-Benz the first partner to receive battery cells from CATL’s Hungarian plant and that its order marked the highest initial order volume for the site.
“This new state-of-the art European CATL plant in Hungary is another milestone for the scale-up of our EV production together with our key partners,” Mercedes-Benz management board member Markus Schaefer said.
