CATL EV battery: CATL, a leading Chinese electric vehicle (EV) battery manufacturer, revealed the Shenxing Plus, a lithium iron phosphate (LFP) battery capable of exceeding 1,000 kilometres (621 miles) on a single charge. Gao Huan, Chief Technology Officer of CATL's e-car division, made the announcement during the Beijing auto show's media day.

The Shenxing Plus marks a significant advancement in EV battery technology, offering a driving range previously unseen in LFP batteries. Notably, LFP batteries are recognised for their environmental friendliness compared to conventional lithium-ion batteries.

Currently, four car models utilise CATL's existing Shenxing battery, which provides a range of 700 kilometers. Gao anticipates that over 50 additional models will adopt this technology by the end of the year, showcasing its increasing adoption across the automotive industry.

CATL's latest innovation comes as the company experienced a turnaround in profitability during the January–March period. This rebound follows a recent quarter of profit decline, attributed to slowing demand and heightened competition in the EV market.

Chinese battery manufacturers, including CATL, have emerged as leaders in global EV battery capacity, capturing more than two-thirds of the market share last year, according to Counterpoint Research.

Looking ahead, CATL's chairman revealed plans to establish research and development centres in Hong Kong, aimed at bolstering technology exports and further solidifying the company's position as an industry frontrunner.

(with Reuters inputs)