Tesla Inc (NASDAQ:TSLA) China supplier CATL has shipped electric vehicle batteries to South Korea’s Kia Corp, a subsidiary of Hyundai Motor Company, Reuters reported on Thursday, citing the companies.
The move marks the first instance when Kia is using a non-Korean battery supplier for electric vehicles. Kia is securing batteries from CATL for Niro, an electric crossover SUV.
"With sales of its battery electric vehicles growing globally, Kia is cooperating with various battery suppliers to diversify and stabilize battery supply," the report said.
See Also: Tesla, Nio Battery Supplier CATL Retains Dominance Of Chinese Market In 2021 With 52% Share
The world’s largest battery maker has a share of more than 35% of the booming global EV battery market. CATL’s South Korean rivals include LG Energy Solution Ltd and SK Innovation Co Ltd among others.
