Fisker strikes battery supply deal with China's CATL

(Reuters) - Electric vehicle maker Fisker Inc has struck a battery supply deal for its flagship model with Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL), the company said on Tuesday.

CATL will supply two different battery packs for the Fisker Ocean SUV, with an initial battery capacity of over 5 gigawatt-hours annually, from 2023 to 2025, the company said.

Fisker will unveil the final production version of the Ocean SUV on Nov. 17 at the Los Angeles auto show, and said it is on track to start production and deliveries of the vehicle in November next year.

The company's shares were up 1% premarket.

Automakers and battery manufacturers are racing to ramp up production and develop new electric-vehicle batteries, at a time when demand for EVs has shot up globally.

The California-based firm enters a market that has been dominated by billionaire Elon Musk's trillion dollar EV company Tesla Inc.

Fisker reports third-quarter results on Wednesday after markets close.

(Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla readies August launch of CyberCab - The Information
• Anthropic plans to change enterprise data retention policy, source says
• Barclays upgrades American Tower and Crown Castle on valuation, growth catalysts