Power battery giant CATL said the company is developing new power battery materials that can improve energy density by 10% – 20% compared to iron phosphate batteries.
The next battery technology is called M3P, allowing electric vehicles to operate within a range of 700km per charge, twice the average distance of current battery technology – said Zeng Yuqun, President of the company.
Not only that, the new material also helps reduce production costs compared to products based on nickel and cobalt. However, CATL has not yet announced when this new technology battery will be put into mass production.
CATL accounts for more than 1/3 of the world electric vehicle battery market share, and is a battery supplier to many major car brands, including Tesla, Volkswagen, BMW and Ford. The company is expanding global production as well as investing heavily in technology research to compete with LG Energy Solution and BYD.
Wan Gang, Vice President of the Chinese policy consulting agency, said that the global electric battery market is estimated to reach 250 billion USD by 2030. According to analysis by TechCrunch and PitchBook, in just the past 5 years, 42 billions of dollars have been poured into the field of research into battery cell production technology and battery recycling.
Last June, CATL launched the Qilin electric battery model, which has 13% higher energy density than Tesla’s 4680 cylindrical battery pack with the same size and manufacturing materials.
According to Reuters
