What’s new: Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) will supply Chinese electric-vehicle (EV) brand Neta Auto with its new fast-charging battery, the latest deal for a power cell that could help overcome the range anxiety that is holding back EV uptake.
Neta Auto, a unit of Chinese carmaker Hozon New Energy Automobile Co. Ltd., will run the Shenxing lithium iron phosphate battery in its yet-to-be-released L SUV, CATL said in a social media post Wednesday.
The Ningde-based battery giant unveiled its Shenxing battery in August. The cell can charge to a range of 400 kilometers in 10 minutes and deliver a range of over 700 kilometers on a full charge, according to the company. It is also capable of powering up in extreme weather conditions.
The new battery is expected to be commercially available in the first half of 2024, CATL said Tuesday, answering an investor’s question on a Q&A platform. Other confirmed customers include Guangzhou Automobile Group Co. Ltd. and Chery Automobile Co. Ltd. Chongqing Changan Automobile Co. Ltd.’s (000625.SZ) electric car brand Avatr announced in August that it is among the first batch of EV firms to use the new cell.
The background: The partnership with Neta Auto is the latest in a string of supply deals CATL has inked in recent months. Earlier this month, the company secured a three-year contract as the preferred supplier of a Dongfeng Motor Group Co. Ltd. unit. And in August the firm signed a deal for its mixed battery pack to be used in two Chery Auto models.
In 2023, CATL remained China’s No. 1 EV-battery maker by installed capacity with a market share of 43.11%, up 0.19 percentage points from a year earlier, according to the China Automotive Battery Innovation Alliance (CABIA).
Contact reporter Ding Yi (yiding@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
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