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Honda to work with top battery maker on new electric car

Honda Motor Co. Ltd. will collaborate with Contemporary Amperex Technology, or CATL, to develop batteries and related technologies for a new electric car, which Honda will manufacture and release in the first half of 2020, Nikkei Asian Review reported May 23.

The Japanese automaker's goal is to sell more than 100,000 of the new electric vehicles per year, according to the report.

Honda also expects to collaborate with CATL in such areas as battery specifications, production technology and electric vehicle performance testing.

Honda is already intent on releasing hybrid vehicles in the U.S., China and Japan this year in a bid for electrified vehicles to account for 65% of its global sales by 2030.

CATL stands to benefit from China's efforts to promote electric vehicles, which could push the company's share of the global automotive battery market to 19% in 2018, ahead of Panasonic's 15.5%, Nikkei Asian Review said, citing Techno Systems Research.