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.