1. When unveiling a series of new products, CATL stated that one of its latest battery types can add an additional 520 km (323 miles) of driving range for an EV in just five minutes of charging.
2. This statement will give the company a slight edge over the performance of its electric vehicle giant competitor BYD last month and surpass what Western competitors offer.
China's CATL, the world's largest EV battery supplier, announced a series of new products on Monday, including a type of battery that the company claims has set a 'new global record for ultra-fast charging technology.'
In a WeChat post, the company — Contemporary Amperex Technology Company Ltd. — stated that their second-generation Shenxing battery can add an additional 520 km (323 miles) of driving range in just five minutes of charging — only slightly longer than the time it takes to refuel a car.
This seems to elevate CATL's fast charging capability above both the Chinese electric vehicle giant and competitor Tesla, with BYD surprising the entire industry last month with a charging system that they claimed could add about 400 km of range to a battery in just around 5 minutes.
Some analysts are skeptical about BYD's claims, noting potential technical barriers and high costs. However, if proven feasible on a larger scale, this technology could help the electric vehicle industry alleviate consumer concerns about range and convenience.
CATL's latest claims will also push the company's advanced charging speed far beyond its Western competitors. The latest superchargers from Tesla can add up to 270 km of range in 15 minutes, while Mercedes-Benz Group recently stated that one of its battery types can recharge up to 325 km in 10 minutes.
CATL stated that the new Shenxing product has a range of 800 km and a maximum charging power of 1.3 megawatts. They added that this battery outperforms the current highest charging levels in the industry at low temperatures of -10°C.
On Monday, CATL also unveiled new batteries in the 'Naxtra' product line which the company stated would be the 'world's first mass-produced sodium-ion batteries', helping to reduce the industry's dependence on lithium.
According to the company, the use of sodium-ion batteries could help reduce maintenance costs and can operate in extreme temperatures from -40°C to +70°C.
CATL further stated that one of the Naxtra battery types is specifically designed for heavy-duty trucks, has a lifespan of over eight years, while reducing lifecycle costs and being more efficient compared to traditional lead-acid batteries.
CATL's shares listed in Shenzhen rose about 1% on Tuesday.
The company applied for a listing in Hong Kong earlier this year. According to a report from Reuters citing insider sources, the deal is expected to raise at least $5 billion, potentially becoming the largest IPO in Hong Kong since early 2021.
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