Tesla Supplier CATL Prepares To Monetize EV Batteries Under M3P Technology As Competition Heats Up - Ford Motor (NYSE:F), BMW (OTC:BMWYY)

Tesla Inc's TSLA Chinese EV battery supplier Contemporary Amperex Technology Co Limited, looks to commercialize batteries based on a new materials technology, M3P, in 2023.
M3P batteries will have greater energy density and perform better than lithium-ion phosphate batteries, a market CATL dominates.
It will also be cheaper than nickel and cobalt-based batteries, Reuters reports citing CATL Chair Zeng Yuqun told an online investor briefing on Friday.
CATL, whose clients also include Volkswagen AG VWAGY, Bayerische Motoren Werke AG BMWYY, and Ford Motor Co F, accounts for over a third of the sales of batteries for EVs worldwide.
In August 2022, CATL disclosed working on M3P technology, enabling an EV to run 700 km (430 miles) per charge when combined with CATL's next-generation battery pack technology.
Zeng said that he expected rival batteries to impact second-tier and third-tier battery makers more and that CATL would remain the primary battery supplier.
Last August, CATL eased down on its battery plant investment in North America, concerned that new U.S. rules on sourcing battery materials known as the Inflation Reduction Act (IRA) will drive higher costs.
The rules would hike the costs of manufacturing batteries in the U.S. to a level higher than shipping them from China, even if the U.S. government offers subsidies for CATL to build the plants.
Meanwhile, the U.S. tries to lure EV battery makers by doling out subsidies under its Inflation Reduction Act.