SHANGHAI: The world’s biggest electric vehicle (EV) battery maker says it is working on new materials that would enable a vehicle to travel 700 kilometres on a single charge.
The new materials would improve energy density by 10% to 20% compared to iron phosphate batteries, according to Zeng Yuqun, the chairman of China-based CATL.
The technology known as M3P will also lower the costs compared to nickel and cobalt-based batteries, he said at the World New Energy Vehicle Congress in Beijing on Saturday.
However, he did not say what metals M3P batteries will use or when mass production could start.
The clients of CATL (Contemporary Amperex Technology Co Ltd) is the world’s biggest battery maker, accounting for more than a third of the sales of EV batteries worldwide. Its customers include Tesla, Volkswagen, BMW and Ford.
The company is aiming to increase the lead over rivals such as LG Energy Solution and BYD by accelerating expansion globally and innovation in new battery technologies.
Wan Gang, vice-chairman of China’s national advisory body for policy making, told the forum that the global market for EV batteries is expected to be worth $250 billion by 2030, with demand exceeding 3.5 terrawatt hours.