Chinese Battery Giant Launches EV Battery With One-Charge Range of Over 1,000 KM

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NEW YORK, June 30, 2022 /PRNewswire/ -- Chinese battery mogul Contemporary Amperex Technology Co. Ltd. (CATL) just unveiled an electric car battery with a range of over 1,000 kilometers (620 miles) on a single charge and is 13% more powerful than one expected by Tesla Inc. (NASDAQ:TSLA), a major customer. As the world's largest maker of electric car batteries, CATL will start manufacturing the next generation "Qilin" in 2023. The battery charges faster than existing cells and is safer and more durable, according to CATL. The new battery will also increase the volume utilization rate to 72%, the highest in the world, and will increase the battery system's energy density to 255 Wh/kg. The company has raised 45 billion yuan (US$6.7 billion) in a private placement of shares, with the proceeds earmarked for the production and manufacturing upgrade of lithium-ion batteries in four Chinese cities, as well as research and development. E3 Lithium (TSXV:ETMC.VN), FREYR Battery (NYSE:FREY), Nano One Materials Corp  (TSX:NANO.TO), and Microvast Holdings, Inc. (NASDAQ:MVST) are racing to gain market share in the growing lithium battery sector.