Tesla Supplier Challenges EV Maker's Powerful Battery With Latest Launch

Tesla, Inc TSLA supplier Contemporary Amperex Technology Co Ltd launched an electric-car battery with a range of over 1,000 kilometers (620 miles) on a single charge.
CATL claimed that the battery was 13% more potent than Tesla's 4680 battery to be made by Panasonic Holdings Corp PCRFY, the Bloomberg reports.
The Qilin battery has an energy density of 255 watt-hours per kilogram.
Also Read: Panasonic Disclosed Finalizing US Site For Tesla's New Battery Plant
The battery charges faster than existing cells and is safer and more durable, CATL claimed.
The leading electric-car battery maker will start commercializing the next-generation "Qilin" in 2023.
CATL raised 45 billion yuan ($6.7 billion) in a private placement to produce and upgrade lithium-ion battery manufacturing in four Chinese cities and research and development.
Price Action: TSLA shares traded lower by 0.98% at $701.33 on the last check Thursday.