(Yicai Global) June 2 -- Contemporary Amperex Technology and Great Wall Motors have signed a 10-year strategic agreement, deepening a partnership struck in 2016 between the global battery giant and the leading Chinese sports utility vehicle maker.

Under the agreement, the pair aim to promote technological advances in new energy vehicles and gain a competitive edge, Baoding-based Great Wall said yesterday via its official WeChat account. They already work together on developing technology and supplying batteries for auto models such as Haval, WEY and Euler.

CATL has forged alliances with a number of other well-known vehicle makers, owing to its commanding position in the power battery field. Half of the more than 6,800 NEVs on a list compiled by China’s Ministry of Industry and Information Technology last year had CATL batteries.

Last month, CATL teamed up with Daimler Truck to supply lithium-ion battery packs for the Mercedes-Benz eActros LongHaul, which will begin mass production in 2024. They will also jointly design and develop next-generation cells and battery packs.

Its growing partnerships are paying dividends. CATL’s net profit soared 163 percent to CNY1.95 billion (USD306 million) in the first quarter from a year earlier. Revenue more than doubled to a little under CNY19.2 billion (USD3 billion).

CATL also became the world’s first battery cell producer granted Volkswagen’s test lab qualification on June 1. The lab has received investment worth CNY2 billion, CATL said in a statement.

Editor: Futura Costaglione