Stellantis ( STLA - Free Report ) signs a non-binding Memorandum of Understanding ("MoU") with Contemporary Amperex Technology Co. (CATL) to localize the supply of lithium iron phosphate ("LFP") batteries and cells to power the automaker's electric vehicle ("EV") production in Europe. To underpin Stellantis' aggressive electric push, both companies are contemplating a joint venture with an equal contribution. The MoU highlights a long-term collaboration between both companies on two strategic fronts. Firstly, devise a bold technology roadmap to support Stellantis' cutting-edge battery EVs and secondly, identify opportunities to strengthen the battery chain value. Per Carlos Tavares, CEO of Stellantis, both companies will bring innovative and accessible battery technology to Stellantis' customers while helping the company achieve its carbon net zero ambition by 2038.