Photo: CATL
China’s leading battery manufacturer, Contemporary Amperex Technology Co., Limited (CATL), announced plans to begin mass production and delivery of its groundbreaking M3P batteries this year, reports Reuters.
According to CATL Chairman Zeng Yuqun, M3P batteries will offer superior energy density and performance compared to lithium-ion phosphate batteries, while also being more cost-effective than nickel and cobalt-based alternatives.
These new M3P batteries, combined with CATL’s next-generation battery-pack technology, will enable electric vehicles to achieve a remarkable 700 km (430 miles) range per charge.
CATL announced these new batteries back in August 2022. At the time, rumours swirled Tesla was planning to build a Model 3 in China using these M3P batteries, resulting in a 10% range increase for the electric sedan.
However, Zeng admitted that CATL was struggling to develop a competitive solid-state battery product, a technology that competitors like Toyota Motor Corp and Volkswagen are also researching.
CATL currently dominates the global EV battery market, supplying batteries to major automakers such as Tesla, Volkswagen, BMW, and Ford. Despite some customers expressing concerns about CATL’s market position and seeking alternative suppliers or developing their own batteries, Zeng remains confident in the company’s future.
In response to questions about rival batteries’ impact on CATL’s market share, Zeng said, “We expect them to have more impact on second-tier and third-tier battery-makers. CATL will remain the primary battery supplier.” He also expressed optimism about the overall EV sales outlook in China, despite recent inventory clearance efforts by combustion engine carmakers ahead of emissions rule changes.