CATL Claims Fast-Charging ‘Budget’ Auto Battery Pack
Chinese battery giant CATL is claiming a ‘budget’ automotive battery capable of providing a running 248-mile range on just a 10-minute charge.
Mass production of the lithium iron phosphate (LFP) battery pack, called Shenxing, is expected by the end of the year while BEVs equipped them will hit the market in the first quarter of 2024, Gao Han, chief technology officer of CATL’s E-Car Business, told an online briefing reported by Reuters. The battery maker is hoping to make up ground lost to rival giant automaker BYD which has been building market share in the battery market.
CATL hopes the new battery will help it maintain its industry lead while facing challenges of weakening demand and pressure to cut costs from automaker in the midst of a price war and a slowdown in car sales this year. Meanwhile Chinese automakers, such as Chongqing Changan Automobile and Guangzhou Automobile Group, have also sourced more batteries from smaller suppliers to reduce costs. Gao said: “We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle.”
— Paul Myles is a seasoned automotive journalist based in Europe. Follow him on Twitter @Paulmyles_ and Threads
