(Bloomberg) Shares of Contemporary Amperex Technology Co. Ltd rose nearly 6% on Thursday after unveiling an electric car battery that can cover 1,000 kilometers or 620 miles per charge.
The production of the next-generation battery, dubbed “Qilin” will start next year.
The new battery is 13% more powerful than that of Tesla, which is its major customer. The battery also charges faster than the existing cells, carries more durability and safety.
The Qilin battery has an energy density of up to 255 watt-hour per kg. Qilin says that it has already raised 45 billion yuan or $6.7 billion in a private share placement to upgrade its lithium-ion battery manufacturing in four Chinese cities.
Tu Le, managing director of Sino Auto Insights, says that the battery is a critical advancement for CATL and keeps the company on the innovation side.
The new product comes when CATL has been hit by rising costs of materials. The company has also faced trading losses, with its net income in the first quarter sliding by 24%.
300750:SHE is up +5.91%.
