Tesla, Nio Supplier CATL to Power Fisker’s Ocean EV Under New Battery-Deal: What You Need to Know

By Benzinga
Benzinga
Benzinga
November 5, 2021 Updated: November 5, 2021

China’s Contemporary Amperex Technology Co. Ltd. (CATL), a battery supplier to Tesla Inc., and Nio Inc. will supply batteries to Fisker Inc.’s for its Ocean electric sports utility vehicle, the latter said in a statement on Tuesday.

What Happened

The contract to supply two different battery packs will run from 2023 till 2025 with an initial battery capacity of over 5 gigawatt-hours annually, Fisker said.

The pre-production electric vehicle maker reiterated that the Ocean SUV would debut at the Los Angeles Auto Show on Nov. 17 and begin commercial production and deliveries in November next year.

CATL would supply two packs—a lithium nickel manganese cobalt (NMC) cell and a lithium-ion phosphate (LFP)—to Fisker.

The two companies have been developing and testing the battery solutions for vehicle structure, crashworthiness, high levels of energy density, and validation at the pack and vehicle level, Fisker said in the statement.

Electric Ocean

Fisker has said its first production electric vehicle Ocean will have a starting price tag of $37,499, before EV-related subsidies. CEO Henrik Fisker in September wrote on Twitter that Ocean has secured over 18,000 bookings.

Why It Matters

Fisker competes with Tesla—a company that once employed Henrik Fisker and even sued him over design secrets.

The California-based company has no sales or cars in production yet. It has revealed plans to develop a more affordable, sub-$30,000 electric vehicle that would launch by the end of 2023 with the help of Apple Inc.’s Taiwan-based supplier Hon Hai Precision Industry Co. Ltd.

Hon Hai, better known as Foxconn, has announced a deal to buy Lordstown Motors’ Ohio assembly plant where it plans to build electric vehicles for Fisker.

By Rachit Vats

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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