How the Chinese company CATL changed the rules of the game in the world of electric vehicles

Miracle battery: how the Chinese company CATL changed the rules of the game in the world of electric vehicles

At the Beijing Auto Show, Chinese electric vehicle battery manufacturer CATL presented the Shenxing Plus battery with a unique characteristic of more than 1,000 kilometers of range on a single charge.

This is the world’s first lithium iron phosphate (LFP) battery with such a high range. The company also announced plans to expand the use of the current generation Shenxing battery to more than 50 vehicle models by the end of the year.

CATL, the world’s largest maker of electric vehicle batteries, returned to profit in January-March after a slight decline in the previous quarter due to slowing demand and increased competition.

Chinese battery makers, including CATL, have seen rapid growth and accounted for more than two-thirds of global EV battery capacity last year. In addition, CATL is considering establishing research and development centers in Hong Kong to support technology exports.