According to the head of the Chinese battery giant Contemporary Amperex Technology Co. Limited (Catl), new battery materials are being developed that can increase energy density from 10% to 20% when compared to iron phosphate batteries.
Zeng Yuqun stated at the World New Energy Car Congress in Beijing that an electric vehicle may go 700 km (430 miles) on a single charge when combined with Catl's next-generation battery pack technology.
In comparison to nickel- and cobalt-based batteries, the new materials will also result in cheaper costs, he continued.
However, neither Zeng nor the potential launch date for mass manufacturing of M3P batteries were mentioned.
Catl is the largest battery manufacturer in the world, accounting for more than a third of all sales of batteries for electric vehicles (EV) globally. Some of Catl's clients are Tesla, Volkswagen, BMW, and Ford.
It seeks to widen its lead over competitors like LG Energy Solution and BYD by quickening worldwide expansion and developing new battery technologies.
According to Wan Gang, vice chairman of China's national advisory committee for policymaking, the demand for EV batteries is estimated to exceed 3.5 terrawatt hours and the market size would reach $250 billion by 2030.
In a separate statement on Saturday, Catl stated that it will provide Qilin batteries with its most recent battery pack technology to power Geely Automobile Holdings' Zeekr automobiles, which are expected to go on sale in early 2023.
With the same size pack as Tesla's 4680 cylindrical battery cells — measuring 46 millimetres in diameter and 80 millimetres in length — Catl's Qilin battery was introduced in June and boasted a 13% better energy density.
