China’s CATL will produce next-gen EV battery in 2023

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SHANGHAI (Reuters) – Chinese battery giant CATL will launch mass production of its next-generation product next year, with greater efficiency that allows electric cars to travel longer distances on each charge, it said on Thursday. the society.

The world’s largest battery maker is struggling to maintain its top spot against rivals such as BYD, which will soon begin supplying batteries to Tesla.

CATL’s new battery, called Qilin, will increase the volume utilization rate to 72%, the highest in the world, from 50% for its first generation launched in 2019, the company said, and will increase the system’s energy density. battery at 255 Wh/kg.

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But the company did not say whether an electric vehicle manufacturer had placed orders for the new battery.

CATL, which supplies batteries to automakers such as Tesla, Volkswagen, BMW and Nio, suffered a 24% decline in net profit in the first quarter, hit by soaring metal prices.

In May, the company said it expected a better profit margin in the second quarter, after raising prices and passing costs on to automaker customers.

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CATL sold the equivalent of 41.5 GWh of batteries in the first four months, more than double the sales of second-placed LG Energy Solution, according to Seoul-based SNE Research.

As it ramps up its overseas expansion, CATL is in the final stages of vetting sites in the United States to build electric vehicle batteries, Reuters reported.

The company, based in the city of Ningde in the southern province of Fujian, said it would start supplying cylinder cells to BMW from 2025 for a new series of electric vehicles.

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Tesla is also ramping up production of its “4680” batteries which contain about five times the energy of existing 2170 cells.

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