China’s CATL introduces new fast-charging LFP battery
- August 19, 2023
- Posted by: Quatro Strategies
- Categories: China, EVs & Battery Technology
Chinese battery manufacturer CATL (Contemporary Amperex Technology Co. Ltd) has introduced a new fast charging lithium iron phosphate (LFP) battery named Shenxing, capable of running 400 km (248 miles) on just a 10-minute charge. The company plans to begin mass production of this new battery by the end of the year, with electric vehicles (EVs) equipped with Shenxing batteries expected to hit the market in the first quarter of 2024.
CATL’s Chief Technology Officer of E-Car Business, Gao Han, mentioned that the company’s goal is for Shenxing to become a standard product available for a wide range of electric vehicles. This new battery technology could significantly reduce charging times and make EVs more practical for longer trips.
CATL has been a major player in the battery industry and is a supplier to various automakers, including Tesla. However, the company has been facing challenges in maintaining its market leadership due to weakening demand and cost pressures in the EV industry. The rise of competitors like BYD and the trend of some automakers sourcing batteries from smaller suppliers to reduce costs have affected CATL’s market share.
This move by CATL to introduce a fast charging LFP battery could help the company regain its edge in the competitive battery market and meet the growing demand for more efficient and faster-charging EVs.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
China’s CATL-led consortium deepens cooperation with Bolivia in lithium industry
A consortium led by China’s CATL (Contemporary Amperex Technology Co. Limited), named CBC, has signed a new agreement with Bolivia, deepening their cooperation in one of the world’s largest lithium reserves. This builds upon a previous deal inked in January 2023 when CBC committed…
With power demand soaring, India turns to coal for energy stability
India has introduced new policy measures aimed at accelerating coal-fired power generation, signaling a pragmatic shift to ensure energy security amid rising electricity demand and persistent hurdles in clean energy expansion.
On Wednesday, the Indian cabinet approved a plan allowing independent power producers (IPPs) to sign long-term coal supply contracts — including for up to 25 years — without the earlier requirement of having power purchase agreements (PPAs) in place. This marks a major policy shift that removes a long-standing barrier, making it easier for private developers to build and operate new coal-fired plants.
Brussels proposes €100 billion clean industry plan to support energy-intensive sectors
The European Commission has announced a €100 billion package to accelerate climate-friendly manufacturing in the EU, part of its Clean Industrial Deal. This initiative aims to help traditional industries reduce carbon emissions while boosting Europe’s clean technology sector, particularly in response to strong competition…