Leading Tesla Supplier Claims Landmark Battery Density: Report

Tesla Inc TSLA supplier Contemporary Amperex Technology Co Limited worked on new battery materials that can improve energy density by 10% - 20% compared to iron phosphate batteries, Reuters reports citing CATL Chair.
The new material technology, M3P, can enable an electric vehicle to run 700 km (430 miles) per charge combined with CATL's next generation of battery pack technology, Zeng Yuqun said at Beijing's World New Energy Vehicle Congress.
The new materials will also lower the costs compared to nickel and cobalt-based batteries increasing its edge over LG Energy Solution and BYD Co, Ltd BYDDY.
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China expects the global market size of EV batteries to reach $250 billion by 2030.
CATL will supply Qilin batteries with its latest battery pack technology to power Geely Automobile Holdings Ltd's GELYY Zeekr cars due to hit the market in early 2023.
CALT launched the Qilin battery in June, claiming a 13% higher energy density than Tesla's 4680 cylindrical battery cells.
CATL, whose other clients included Volkswagen AG VWAGY, Bayerische Motoren Werke AG BMWYY, and Ford Motor Co F, accounts for over a third of the sales of batteries for global electric vehicles.
CATL explored setting up manufacturing plants in the U.S.
Nissan Leaf battery pack photo via Wikimedia Commons