China’s CATL Launches Fast Charging LFP Battery, Mass Production Expected by Year-End

BEIJING/SHANGHAI (Reuters) – Chinese language battery big CATL on Wednesday launched a quick charging lithium iron phosphate or LFP battery able to working 400 km (248 miles) on a 10-minute cost.

Mass manufacturing of the brand new battery known as Shenxing is predicted by the tip of the yr whereas electrical automobiles geared up with Shenxing batteries will hit the market within the first quarter of 2024，Gao Han, chief expertise officer of CATL’s E-Automotive Enterprise, informed an internet briefing.

“We hope by way of steady efforts to enhance expertise and cut back prices, Shenxing will turn into a normal product obtainable for each electrical car,” Gao mentioned.

CATL has scrambled to take care of its trade management whereas going through challenges of weakening demand and stress to chop prices from EV makers amid a worth conflict and a slowdown in auto gross sales this yr.

CATL, which counts Tesla as its greatest consumer, has been dropping market share to BYD, a significant automaker that powers all its EVs with its personal batteries.

Automakers corresponding to Chongqing Changan Car and Guangzhou Car Group additionally sourced extra batteries from smaller suppliers to scale back prices.

(Reporting by Zhang Yan, Qiaoyi Li and Brenda Goh; Enhancing by Himani Sarkar and Tomasz Janowski)

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