Chinese electric vehicle (EV) battery maker CATL has unveiled a lithium iron phosphate (LFP) battery with a driving range of over 1,000 kilometers (621 miles) on a single charge. Chief Technology Officer Gao Huan of CATL’s e-car division announced the Shenxing Plus as the world’s first LFP battery with such an extended range at the Beijing auto show. LFP batteries are considered more environmentally friendly than the lithium-ion batteries commonly used in EVs.
CATL, the world’s largest EV battery maker, has been expanding rapidly. Gao Huan reported that four car models currently use the current-generation Shenxing battery with its 700 km range, and over 50 more models will be equipped with it by year-end. The company’s profit also shows signs of recovery, with a growth in January-March after facing a decline in the previous quarter due to slowing demand and increased competition.
Chinese battery makers, including CATL, have grown faster than their rivals and now account for more than two-thirds of global EV battery capacity, according to data from consultancy Counterpoint Research. In March, CATL’s chairman revealed that the manufacturer is in discussions to establish research and development centers in Hong Kong to support its technology exports.
