China's CATL to deepen battery R&D cooperation with Volkswagen

CATL has signed a strategic cooperation memorandum of understanding with Volkswagen to deepen partnership in battery research and development, new materials application and components development, the Chinese electric vehicle battery giant said on Friday.

In a separate statement on the deal, Volkswagen China vowed to work with CATL to jointly develop "cost-competitive" battery products and explore battery recycling and swapping among other fields of cooperation.

REUTERS