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BEIJING, July 21 (TMTPOST)— China’s largest power battery manufacturer Contemporary Amperex Technology Co. Ltd. (CATL) is its consolidating global footprint with an increasing list of auto suppliers.

Source: Visual China

Hyundai Motor Company recently considered adopting CATL-made batteries for all of its vehicle models and even had agreed with CATL on the size and specifications of the lithium iron phosphate (LFP) that may be equipped for Hyundai’s vehicle, though not settling partnership due to disagreement on unit price, TheElec cited sources on Thursday. The South Korean media outlet in electronics industry noted Hyundai had been reviewing ways to replace lead-acid batteries to keep up with upcoming regulations in the European Union. It is reported that the product CATL proposed to Hyundai is 4680 cylinder LFP battery, which can deliver more efficient and occupy less for vehicles as it has just half of the volume and weight of the lead-acid battery.

Hyundai and CATL didn’t comment on the news yet. If inking agreement on battery supply, CATL will have a major South Korean auto maker as new customer, expanding its battery customer base including Tesla and three prominent Chinese electric vehicle (EV) markers—NIO, Xpeng and Li Auto. The partnership also allows CATL to further increase its 34% share in the global battery market.

Later Thursday, Ford Motor Company announced a series of initiatives for sourcing battery capacity and raw materials to help reach its annual EV production target, including partnership with CATL. According to the U.S. auto giant, CATL would provide full LFP battery packs for the all-electric SUV Mustang Mach-E models for North America starting next year as well as the all-electric truck model F-150 Lightnings in early 2024. This is the first time for Ford to add LFP cell chemistry to its portfolio. With CATL’s prismatic LFP cell-to-pack technology, Ford believes its EV architecture can deliver incremental capacity quickly to scale and meet customer demand.

Ford planned to achive annual run rate of 600,000 EVs by late 2023 and more than 2 million by the end of 2026. Among the target by late 2023, Ford is set to produce 270,000 Mustang Mach-Es for North America, Europe and China, 150,000 F-150 Lightnings for North America, 150,000 Transit EVs for North America and Europe, and the next 30,000 units of an all-new SUV for Europe, which is expected to see significant ramp in 2024.