Chinese battery manufacturer and technology company Contemporary Amperex Technology Co. Limited (CATL) has reportedly launched a fast-charging lithium iron phosphate or LFP battery capable of running 400 km (248 miles) on a 10-minute charge.
The Chief Technology Officer of CATL's E-Car Business, Gao Han, said the new battery's mass production is expected by the end of 2024, reported Reuters.
Electric vehicles with Shenxing batteries are likely to hit the market in the first-quarter of 2024.
"We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle," the report quoted Gao Han.
CATL has been facing challenges with weak demand and a push from EV makers for cost reduction between a price war and sales slowdown this year.
The report further noted CATL has been ceding ground to the Chinese EV maker BYD Co., Ltd. BYDDY, which produces its own batteries.
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