Global battery demand to quadruple by 2030 — report
According to Bain & Company, lithium-ion batteries will remain dominant for the foreseeable future.
Battery giant Contemporary Amperex Technology Co. Ltd. unveiled a new fast-charging battery Wednesday that could be a game-changer in helping cure range anxiety and encourage drivers to switch to electric vehicles.
The world’s biggest maker of clean-car batteries showed off its new Shenxing cell, which can charge to a range of 400 kilometers (248 miles) in just 10 minutes. It’s also capable of powering up in extreme weather conditions, the company said.
Mass production of the battery will start by year-end, and it will be commercially available from the first quarter of 2024. The lithium-iron-phosphate, or LFP, battery is capable of 700 kilometers of range on a full charge.
Tesla Inc.’s equivalent fast-charging capability can get between 260 kilometers and 322 kilometers of range in 15 minutes, depending on the type of car. GAC AION New Energy Automobile Co. uses fast-charging cells that can add 500 kilometers of range after 15 minutes.
CATL has unveiled a slew of products recently, from batteries that can drive 1,000 kilometers on a charge, to its most powerful product — a condensed cell that it claims could prove robust enough to power electric aircraft in the future. CATL has also developed cheaper sodium-ion batteries.
CATL has a global market share of 36.8%, more than double than its nearest rival BYD Co., according to SNE Research. It supplies to a vast array of companies including Tesla, Mercedes-Benz Group AG, Hyundai Motor Co., Nio Inc. and Volkswagen AG.
(By Danny Lee)
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