(Yicai Global) June 29 -- China’s battery giant, Contemporary Amperex Technology, has extended a battery supply deal with US electric carmaker Tesla to 2025. CATL’s shares gained.

The parties sealed the deal on June 25, Ningde-based CATL said in a statement yesterday. The new agreement rolls over the previous deal signed in February 2020, extending its expiration beyond June 2022. CATL did not provide details about pricing and quantity.

The word ‘China’ has been removed from the new agreement, suggesting Tesla may also use CATL’s lithium batteries outside of the country as well.

The leading market position of CATL, whose international clients also include carmakers BMW, Daimler and General Motors, is being further increased by the world’s rapid shift to electric vehicles. That in turn has turbocharged the firm’s stock price.

CATL’s shares [SHE:300750] have climbed 20 times from an initial offering price of CNY25.14 (USD3.89) in June 2018, with the firm’s market value exceeding CNY1 trillion (USD154.8 billion) for the first time at the end of last month.

The shares closed almost 3 percent higher today at CNY508.51 (USD78.76) apiece. They have gained 45 percent since the start of this year.

Editor: Futura Costaglione