Volkswagen-backed Chinese Electric Vehicle Battery Maker Gotion is Taking on Rival CATL with Its Super-fast Charging LFP Product - Latest Global News

Volkswagen-backed Chinese Electric Vehicle Battery Maker Gotion is Taking on Rival CATL with Its Super-fast Charging LFP Product

Gotion High-Tech, a Volkswagen-backed Chinese battery maker, said its new fast-charging battery is ready for commercial production, a product that gives it an edge over rivals such as CATL, the world’s leading electric vehicle battery maker.

The fourth-largest electric vehicle battery maker in mainland China and the eighth-largest globally said the G-Current lithium-ion phosphate (LFP) battery offers a range of nearly 500 km in less than 10 minutes of charging time.

The LFP battery can power both pure electric and plug-in hybrids and is intended for sedans and SUVs priced between 300,000 yuan ($41,530) and 400,000 yuan, said Cao Yong, vice president of the R&D Institute for Engineering by Gotion, on Friday.

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“It was designed to meet market demand,” Cao said. “The battery will largely solve the problem [driving range] Pain points for consumers.

Cao Yong, vice president of the Gotion Institute of Engineering Research and Development, introduces the G-Current LFP battery at a conference in Hefei, Anhui province, on Friday. Photo: Daniel Ren alt=Cao Yong, vice president of the Gotion Institute for Technical Research and Development, introduces the G-Current LFP battery at a conference in Hefei, Anhui Province on Friday. Photo: Daniel Ren>

Batteries account for almost 40 percent of the cost of an electric vehicle. China is the world’s largest market for electric vehicles, where four out of ten new cars are battery-powered and the expansion of charging options is accelerating. Electric vehicle sales on the mainland account for 60 percent of total global sales.

Gotion’s G-Current battery with 75 kilowatt hours (KWh) enables a range of 480 km with a charging time of 9.8 minutes. It takes 25 minutes to fully charge the battery, which gives the car a range of 600 km.

Cao said the company envisions supplying the battery to EV assemblers on a large scale starting in early 2025 when new production facilities are completed.

Gotion, based in Hefei, capital of east China’s Anhui province, delivered 3.4 gigawatt-hours (GWh) of batteries to electric vehicle manufacturers in the first quarter of 2024, up 22.1 percent year-on-year. In the three months to March it had a global market share of 2.1 percent, unchanged from the previous year.

Technically speaking, 1 GWh of batteries can power around 13,000 electric cars, each with a range of 500 km.

On the mainland, Gotion competes with giants such as Contemporary Amperex Technology (CATL), the world’s largest manufacturer, which held a 37.9 percent share of the global market in the first quarter.

On May 10, during his tour of Anhui, Chinese Premier Li Qiang told Gotion founder and chairman Li Zhen that he would encourage the company to strengthen its relationship with Volkswagen to accelerate its technological capabilities and product improvements.

In August 2023, CATL introduced its Shenxing Supercharger battery, which gives an electric vehicle a range of 400 km with 10 minutes of charging time. The battery can be fully charged in just 15 minutes.

“Competition between Chinese battery makers like CATL and Gotion with new products should convince drivers that range anxiety is no longer a problem when choosing electric cars,” said Davis Zhang, an executive at Suzhou Hazardtex, a supplier of specialty vehicle batteries.

“Companies need to increase production efficiency to make batteries more affordable.”

Gotion, which has 14 factories in China and six abroad, also introduced Gemstone, a solid-state battery, on Friday. However, the company did not announce when it will begin mass production of the new product.

The battery has an energy density of 350 watt hours per kilogram, making it 50 percent higher than an average LFP counterpart.

Solid-state batteries are considered a better option for electric vehicles than liquid electrolyte-based batteries – including sodium-ion batteries and current lithium-ion and lithium-polymer batteries – because they are safer, more reliable and more efficient.

The technology promises greater reach but requires higher development and production costs.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative coverage of China and Asia in more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP Facebook and Facebook pages Twitter Pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2024. South China Morning Post Publishers Ltd. All rights reserved.

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