CATL’s new battery has a longer range than it’s competition.
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00:00Just weeks after China's BYD unveiled its new 5-minute, 250-mile charging system,
00:05another Chinese EV maker is upping the ante.
00:09Contemporary Amperex technology company, or CATL, is the world's largest producer of electric batteries,
00:15and it claims its new battery can last 70 miles longer than BYD's and charge just as quickly.
00:21Speaking at a company event in Shanghai, CATL's chief technology officer said, quote,
00:26Once again, we are pushing the boundaries of performance beyond limits.
00:30Our goal is to make the CATL Shenzhen supercharging battery the standard for electric vehicles,
00:36bringing users a more convenient and freer travel experience.
00:40According to market research firm S&E Research, CATL holds 38% of the global electric battery market.
00:48It has held the rank of world's largest battery supplier for eight consecutive years
00:51and supplies batteries to Ford, BMW, Volkswagen, and other major car brands.
00:57That'll do it for your daily briefing.
00:59From New York City, I'm Lauren Torres with The Street.