Fisker strikes battery supply deal with CATL

Startup EV maker Fisker Inc. said it struck a battery supply deal for its flagship model with Chinese battery maker Contemporary Amperex Technology Co. Ltd., or CATL.

CATL will supply two different battery packs for the Fisker Ocean SUV, with an initial battery capacity of over 5 gigawatt-hours annually, from 2023 to 2025, the company said in a statement Tuesday.

Fisker will unveil the final production version of the Ocean SUV on Nov. 17 at the Los Angeles auto show, and said it is on track to start production and deliveries of the vehicle in November next year.

Automakers and battery manufacturers are racing to ramp up production and develop new EV batteries at a time when demand for EVs has shot up globally.

The California-based firm enters a market that has been dominated by Tesla Inc. Fisker was due to report third-quarter results later on Wednesday.