Chinese Battery Maker CATL Introduces Fast Charging LFP Battery: Report
Portfolio Pulse from Shivani Kumaresan
Chinese battery manufacturer, Contemporary Amperex Technology Co. Limited (CATL), has launched a fast-charging lithium iron phosphate (LFP) battery that can run 400 km on a 10-minute charge. The mass production of the new battery is expected by the end of 2024. CATL has been facing challenges with weak demand and a push from EV makers for cost reduction. The company has been losing ground to Chinese EV maker BYD Co., Ltd., which produces its own batteries.
August 16, 2023 | 1:45 pm
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BYD Co., Ltd. has been gaining ground over CATL, as it produces its own batteries. This could potentially strengthen BYD's position in the EV market.
BYD Co., Ltd. producing its own batteries gives it a competitive advantage over CATL, which is facing challenges with weak demand and a push for cost reduction. This could potentially lead to an increase in BYD's stock price in the short term.
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