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Honda to buy stake in China's CATL, firms to jointly develop EV batteries

BEIJING, July 10 (Reuters) - China’s electric vehicle (EV) battery maker Contemporary Amperex Technology (CATL) said on Friday that Japanese automaker Honda will buy shares in the company to hold a 1% stake and the firms will jointly develop EV batteries.

The move comes as automakers and EV battery makers tie up as the industry pursues an electric future. CATL said last year it would develop batteries with Honda, it also said would supply batteries to Tesla Inc and Volkswagen AG.

Reporting by Yilei Sun and Brenda Goh; editing by David Evans

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