Tesla denies abandoning CATL, partnership continues to deepen

According to news on June 8, the partnership between Tesla and CATL has sparked heated discussions recently. The editor understands that some investors have recently worried that Tesla may terminate its partnership with CATL and turn to other suppliers to meet the requirements for full tax credits, but this is unlikely.

According to Citi’s observation, on Tesla’s official website, Model 3's specs haven't changed at all. If battery supplier changes, vehicle weight and range may vary. Citi also confirmed with Tesla salespeople that the type of batteries used in Tesla models has not changed.

Previously, foreign analysts claimed that Tesla may abandon CATL and turn to Panasonic or LG New Energy as its American-made Model 3 power battery suppliers. They believe that the benefits of federal tax credits will far exceed the cost savings of using CATL lithium iron phosphate batteries. In response, CATL responded that the news that Tesla had given up supplying to North America was not true. The strategic partnership between the two parties has not changed and will continue to be deepened and improved.

According to data, the partnership between Tesla and CATL is very solid. The editor learned that CATL began supplying batteries to Tesla in July 2020. In 2021, Tesla became CATL's largest customer, purchasing lithium batteries with a total value of 13 billion yuan, accounting for 10% of CATL's total revenue. The sales revenue of the lithium batteries purchased by Tesla from CATL will be 38 billion yuan in 2022, accounting for 11.59% of CATL’s total revenue. Currently, Tesla remains CATL’s largest customer.

According to the cooperation agreement signed by CATL and Tesla in June 2021, the supply period of both parties has been determined to be from January 2022 to December 2025.

In short, the cooperative relationship between Tesla and CATL remains strong. Although some investors have expressed concerns about whether Tesla will switch to other suppliers, CATL made it clear that the partnership between the two parties has not changed and will continue to strengthen cooperation. For Tesla, CATL remains one of its most important battery suppliers.

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