Chinese power battery giant CATL and automotive giant Great Wall Motor signed a 10-year long-term strategic cooperation framework agreement on June 2 to deepen their existing relationship.

Under the agreement, CATL and Great Wall Motor will leverage their strengths to create a highly synergistic competitive advantage and drive technological advancement in new energy vehicles.

They will help each other achieve their "peak carbon" and "carbon neutral" goals, CATL said in a statement.

CATL and Great Wall Motor began collaborating on model development back in 2016, and have since collaborated on technology development and supply for multiple brands.

This long-term strategic cooperation is a deepening and upgrading of the relationship based on years of cooperation between the two companies, CATL said.

CATL, founded in 2011, is the largest power battery supplier in China, with a long-term market share of about half in the country.

In April 2021, China's power battery installed base was 8.4 GWh, down about 7 percent from March and up 134 percent year-on-year, according to the China Automotive Battery Innovation Alliance.

CATL ranked first, with 3.82 GWh installed in April and a 45.5 percent market share.

Global electric vehicle battery sales were 65.9 GWh in January-April, up 146 percent from 26.8 GWh a year earlier, market research firm SNE Research said Tuesday.

CATL's sales almost quadrupled to 21.4 GWh, further cementing the company's position as the world's largest maker of batteries for electric vehicles, giving it a 32.5 percent market share, 10 percentage points higher than second-place LG Energy Solution's 21.5 percent.

Great Wall Motor, a world-renowned manufacturer of SUVs and pickup trucks, is accelerating its transformation into a technology mobility company.

In the new energy sector, Great Wall Motor is working on the development of models with EV, HEV and PHEV technology architectures as well as the layout of hydrogen energy models.

(Source: CATL)