CATL to produce fast-charging Shenxing battery in Germany, Hungary

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 9/2/2026

1. PANW
2. GTLB
3. DELL
4. MDB
5. GOOGL
6. VRTS
7. SPY
8. HPE
9. USO
10. SNOW

September 4, 2023 4:03 AM EDT

People walk past a logo of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo

By Victoria Waldersee

MUNICH (Reuters) -CATL will produce its upcoming fast-charging Shenxing battery at its plants in Germany and Hungary alongside China, principal engineer Gao Pengfei said at the IAA Munich car show on Monday.

The battery will be mass-produced in China from late 2023 and available in electric vehicles from 2024.

Gao declined to provide a timeline for production in Europe and said no offtake agreements had been finalised with customers in the region yet.

CATL, the world's largest battery maker, claims the new Shenxing battery made with lithium iron phosphate, or LFP, will be able to drive 400 kilometres on a 10-minute charge and 700km at full charge.

LFP chemistry comes at a lower cost than the nickel-cobalt-manganese batteries used in cylindrical cells by carmakers like BMW or Tesla, Gao added.

CATL kicked off production at its plant in the central German state of Thuringia in December 2022 and is building Europe's largest battery plant in Debrecen, Hungary, with the aim of starting production in 2-3 years.

(Reporting by Victoria Waldersee; Writing by Christoph Steitz; Editing by Miranda Murray)


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Reuters

Related Entities

Tesla