Chinese battery giant CATL launched a new fast-charging lithium iron phosphate (LFP) battery. The company claims that the battery includes a new tech that will offer a range of 400 km (248 miles) on a 10-minute charge.
According to a report by Reuters, the batteries will be called Shenxing. The company is expected to start mass-producing these batteries by the end of the year. Meanwhile, Gao Han, chief technology officer of CATL’s e-car business has confirmed that electric vehicles (EVs) equipped with Shenxing batteries will hit the market in the first quarter of 2024.
« We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle, » Gao said.
Tesla is CATL’s biggest client
CATL has struggled to maintain its industry leadership as it faced challenges like weakening demand and pressure to cut costs from EV makers amid a price war. The slowdown in auto sales this year has also affected the company’s shipments.
Tesla, which is CATL’s biggest customer, is also losing market share to BYD. This Chinese automaker ships all its EVs with its batteries.
Apart from this, other Chinese automakers like Chongqing Changan Automobile and Guangzhou Automobile Group also started sourcing more batteries from smaller suppliers to reduce their costs.
Indian EV market
According to a report by Canalys, EVs dominated 2.4% of the Indian car market. With 48,000 EVs sold, this segment has grown by 137% year on year (YoY), the report adds.
India is the world’s third-largest automotive market and the government wants 30% of all vehicles sold by 2030 to be EVs. Leading the EV market, Tata Motors sold 34,000 units during H1 2023 with a 73% share.
Popular models like Tiago, Nexon and Tigor helped the company to achieve this feat. Tata is planning to introduce four more EVs by 2024.
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