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(Bloomberg) — Contemporary Amperex Technology Co. Ltd., the world’s biggest producer of batteries for electric vehicles, unveiled the latest versions of its cells, playing up the durability and range of its products as the perceived limits of EVs still stop many consumers from making the switch.
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CATL teased the latest innovations at its Tech Day on Monday in Shanghai — a multi-hour event that took place in a converted warehouse on the outskirts of China’s financial capital. Hundreds of media, influencers and industry watchers crowded in to hear from CATL Chief Technology Officer Gao Huan and to catch a glimpse on the big screens of billionaire founder and chairman, Robin Zeng.
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One of the main products CATL talked about was an upgraded version of its Shenxing battery, a cell it says can now offer 520 kilometers (323 miles) of range from just five minutes of charging time. BYD Co., which is primarily an automaker but which also makes its own batteries and semiconductors, recently launched a car system it says can charge a vehicle for 400 kilometers in about the same time.
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Gao said CATL wants to make Shenxing the standard for EV batteries, giving consumers freedom of energy.
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CATL batteries can already be found in a wide range of automakers’ EVs. Tesla Inc. is one of its top customers and it has a technology licensing agreement with Ford Motor Co. Its hold on the world’s market for EV batteries is hard to overstate. CATL commands a share of around 38.2% based on data for the first two months of the year, according to SNE Research. Its nearest competitor BYD is at 16.9%.
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Also a popular topic at Monday’s event, taking place a few days ahead of China’s annual premier auto show, were sodium-ion batteries.
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CATL said its sodium-ion cell, called Naxtra, is ready for commercialization and has been tested under a number of extreme circumstances, including very cold weather and fire. Even after being placed in an ice chamber with a temperature of minus 40 degrees Celsius, Naxtra had zero power degradation, executives said.
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Naxtra should give a hybrid vehicle around 200 kilometers of range, stretching to 500 kilometers for an EV.
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