CATL unveils Qilin Battery with a range over 1000 km on single fast charge

Today’s contemporary Amperex Technology Co. Ltd. introduced an electric vehicle battery that it claims has a range of more than 1,000 kilometers (620 miles) on a single charge and is 13% more powerful than one planned by Tesla Inc., a significant client.

According to a video posted online by CATL, the world’s largest manufacturer of electric-car batteries, production of the next-generation “Qilin” will begin next year.

CATL claims that the battery is faster to charge and more durable than other cells on the market.

Its name comes from a fabled monster in Chinese folklore, the Qilin battery, which possesses an energy density of up to 255 watt-hours per kilogram.

Tu Le, general director of Beijing-based consultancy Sino Auto Insights, described the development as a “significant advancement for CATL since it maintains them at the forefront on the innovation side.”

It’s not enough to be the cheapest option; there needs to be more to it, and the Qilin battery for CATL appears to be it.”

In Shenzhen, CATL’s shares rose 5.9 percent to their highest level since February 9th.

Lithium-ion battery manufacturing in four Chinese cities, as well as research and development, will benefit from the company’s private placement of 45 billion yuan ($6.7 billion).

This year has been particularly volatile for CATL, as the company has had to deal with both rising raw material prices and rumors of trading losses.

1.49 billion yuan was the company’s first-quarter net profit, down 24% from the same period last year.

Derivative liabilities of $1.79 billion have gone unacknowledged by the corporation for the first time since its initial public offering (IPO).

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