According to the latest information, China-based CATL, the world’s leading electric vehicle battery company, has unveiled a lithium iron phosphate (LFP) battery that can cover up to 400 km on a 10-minute charge.
With the increasing adoption of LFP batteries in the global electric vehicle market, the news has caught the attention of South Korea’s three major battery companies, creating a sense of alert.
According to foreign media and sources within the battery industry on Aug. 17, CATL introduced a new and greatly improved LFP battery called “Shenxing,” which addresses the drawbacks of the existing LFP batteries and offers enhanced performance. The term “Shenxing” translates to “very fast speed.” CATL also announced its plans to begin mass production by the end of this year and release it to the market in the first quarter of next year. It appears that it plans to supply the domestic Chinese companies first.