Contemporary Amperex Technology Co. Ltd. has unveiled an electric car battery that it claims has a range of more than 1,000 kilometers (620 miles) on a single charge and is 13% more powerful than a battery planned by a major customer Tesla Inc..
CATL, as the world’s largest manufacturer of electric car batteries is known, will begin production of the next-generation “Qilin” next year, according to a video streamed online by the Chinese company on Thursday. The battery charges faster than existing cells and is safer and more durable, according to CATL.
Named after a mythical Chinese creature, the Qilin battery has an energy density of up to 255 watt-hours per kilogram, said Ningde, the Fujian-based CATL.
“It’s an important advancement for CATL as it keeps them at the forefront of innovation,” said Tu Le, director of Beijing-based consulting firm Sino Auto Insights. “Being the cheapest provider isn’t enough to earn loyalty, there has to be more to it – and that seems to be the Qilin battery for CATL.”
Shares of CATL rose 5.9% in Shenzhen, closing at the highest level since Feb. 9.
The company said on Wednesday it has raised 45 billion yuan ($6.7 billion) in a private equity placement, with the proceeds intended to build and upgrade lithium-ion battery production in four Chinese cities, as well as to fund research and development. development.
CATL has seen a wave of volatility this year, with rising commodity prices and rumors of trading losses. Net income for the first quarter was down 24% from a year earlier to 1.49 billion yuan. The company has not disclosed a 1.79 billion yuan derivatives liability, the first such write-off since it was listed.