The battery can power an EV for 2 million kms and last for 16 years. According to CATL, the new technology slows down the capacity decay rate enabling batteries to store more energy for longer periods.
- Current EV batteries can manage to power EVs for around 250,000 kms and last up to eight years, before significantly losing performance. If CATL’s technology works as promised, it will be transformational for the company and EV industry as a whole.
- CATL supplies batteries to many major automakers including Tesla, Daimler, BMW, and GM, helping in faster penetration of the battery if it is successful. Other battery suppliers are working on similar developments.
- Consumer reservations about buying EVs include concerns about battery life and the cost of replacing them. Tesla has previously promised a one million mile battery.
- If realized, it will remove consumer concern on this point and potentially open a secondary market for used batteries for reuse in cars.
- The batteries use less cobalt, which is the most expensive component in EV batteries; there is a limited global supply of cobalt.