Contemporary Amperex Technology Co. Ltd. (SHE: 300750) is set to go into production with an electric vehicle battery that can go over 1,000 kilometers on a single charge. The battery is 13% more powerful than what Tesla, one of the company’s biggest competitors, has lined up.
The new battery, which is named “Qilin” after the Chinese mythical creature, was unveiled through a video that was streamed by the Chinese company on Thursday. CATL, which is the world’s leader in the production of EV batteries, will start manufacturing the battery next year.
The battery charges faster than cells currently available, and is said to be safer and more durable. It has an energy density of 255 watt-hour per kilogram.
“It’s an important advancement for CATL as it keeps them at the forefront on the innovation side,” said Tu Le, managing director of Beijing-based consultancy Sino Auto Insights, in a Bloomberg report. “Being the lowest cost provider isn’t enough to command loyalty, there needs to be more to it — and that seems to be the Qilin battery for CATL.”
On Wednesday, CATL said that it raised 45 billion yuan (US$6.7 billion) in a private placement of shares. The proceeds will be used for the production and upgrade of lithium-ion battery manufacturing in four Chinese cities, with some funds allocated for research and development.
Information for this briefing was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
