Tesla supplier CATL, a Chinese EV battery giant, teases big breakthroughs
CATL, the world’s largest electric car battery maker, announced a handful of advances that could provide longer driving ranges and make EVs cheaper and lighter.
CATL supplies batteries for several major automakers, including Tesla (its largest customer), Ford, and GM.
CATL, which controls an estimated 38% of the EV battery market, said its new Shenxing battery has a range of more than 320 miles after five minutes of charging. The company also announced more cold-resistant batteries and an auxiliary battery that wouldn’t use heavy, high-cost graphite.
Despite having fallen by about 90% from 2008 to 2023, the price of EV batteries represents about a third of an electric vehicle’s cost. These breakthroughs by CATL are also likely years away from being implemented in new vehicles.
The Chinese company is on the verge of an IPO, and a House committee has urged JPMorgan and Bank of America to pull out of their roles in the offering, alleging that the battery maker makes products that have military and surveillance applications with suppliers that utilize forced labor camps.
CATL, which controls an estimated 38% of the EV battery market, said its new Shenxing battery has a range of more than 320 miles after five minutes of charging. The company also announced more cold-resistant batteries and an auxiliary battery that wouldn’t use heavy, high-cost graphite.
Despite having fallen by about 90% from 2008 to 2023, the price of EV batteries represents about a third of an electric vehicle’s cost. These breakthroughs by CATL are also likely years away from being implemented in new vehicles.
The Chinese company is on the verge of an IPO, and a House committee has urged JPMorgan and Bank of America to pull out of their roles in the offering, alleging that the battery maker makes products that have military and surveillance applications with suppliers that utilize forced labor camps.
