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China's CATL to produce next-generation EV battery in 2023

SHANGHAI (Reuters) - Chinese battery giant CATL will start mass production next year of its latest generation product, with greater efficiency that lets electric cars drive longer...
China's CATL to produce next-generation EV battery in 2023 © Reuters. FILE PHOTO: People walk past the R&D centre of Contemporary Amperex Technology Ltd (CATL) in Ningde, Fujian province, China, December 16, 2016. REUTERS/Jake Spring/File Photo

SHANGHAI (Reuters) - Chinese battery giant CATL will start mass production next year of its latest generation product, with greater efficiency that lets electric cars drive longer distances on each charge, the company said on Thursday.

The world's biggest battery maker is scrambling to retain its top position against competition from rivals such as BYD, which will soon start supplying batteries to Tesla (NASDAQ:TSLA).

CATL's new battery, called Qilin, will boost volume utilisation rate to 72%, the world's highest, versus 50% for its first generation launched in 2019, the firm said, and increase the battery system's energy density to 255 Wh/kg.

But the firm did not say if any electric vehicle maker had placed orders for the new battery.

CATL, which supplies batteries supplier to automakers such as Tesla, Volkswagen (ETR:VOWG_p), BMW and Nio (NYSE:NIO) suffered a fall of 24% in first-quarter net profit, hit by soaring metal costs.

In May, the company said it expected a better profit margin in the second quarter, after raising prices and passing on costs to automaking clients.

CATL sold the equivalent of 41.5 GWh of batteries in the first four months, more than double the sales of second-placed LG Energy Solution, Seoul-based SNE Research says.

As it ramps up overseas expansion, CATL is in the final stages of vetting sites in the United States to build electric vehicle batteries, Reuters has reported.

The firm, based in the city of Ningde in the southern province of Fujian, has said it would start supplying cylindrical cells to BMW from 2025 for a new series of electric vehicles.

Tesla is also ramping up output of its "4680" batteries that hold about five times the energy of the existing 2170 cells.

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26-06-2022 17:47:06 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

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EUR/USD

1.0554

+0.0031 (+0.29%)

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AUD/USD

0.6944

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21,719.06

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US Small Cap 2000

1,765.74

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57.79

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Adidas AG

170.36

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 EUR/USD1.0554Buy
 GBP/USD1.2272↑ Sell
 USD/JPY135.23↑ Buy
 AUD/USD0.6944↑ Sell
 USD/CAD1.2891↑ Sell
 EUR/JPY142.71↑ Buy
 EUR/CHF1.0114↑ Sell
 Gold1,828.10↑ Buy
 Silver21.130Sell
 Copper3.7365Sell
 Crude Oil WTI107.06↑ Sell
 Brent Oil113.19↑ Sell
 Natural Gas6.173↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,760/ 6,840
(6,760/ 6,840) # 1,696
SJC HCM6,785/ 6,865
(0/ 0) # 1,716
SJC Hanoi6,785/ 6,867
(0/ 0) # 1,718
SJC Danang6,785/ 6,867
(0/ 0) # 1,718
SJC Nhatrang6,785/ 6,867
(0/ 0) # 1,718
SJC Cantho6,785/ 6,867
(0/ 0) # 1,718
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Cập nhật lúc 17:44:21 26/06/2022
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