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Honda invests in China's CATL to develop EV batteries

Partnership to focus on technology and recycling

The Japanese automaker will launch its first electric vehicles equipped with CATL batteries in China in 2022. (Source photo by AP)

BEIJING/TOKYO (Reuters) -- Japan's Honda Motor Co Ltd will buy a 1% stake in Chinese electric vehicle (EV) battery maker Contemporary Amperex Technology (CATL) and the two will jointly develop EV batteries, the companies said on Friday.

The move comes at a time when auto manufacturers and EV battery makers are joining forces in pursuit of an electric future. CATL, based in Ningde, said last year it would develop batteries with Honda and also supply batteries to Tesla, Toyota and Volkswagen AG.

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