Geely unveils sub-5 minute EV charging as battery race revs up

{"text":[[{"start":10.8,"text":"China’s Geely has developed a battery that can be charged in under five minutes in a challenge to the dominance of CATL and BYD in the EV battery race."}],[{"start":20.4,"text":"Geely said its ultrafast system charged a battery from 10 per cent to 70 per cent in four minutes and 30 seconds. The group also said its system could charge from 10 per cent to 97 per cent in eight minutes and 40 seconds."}],[{"start":34.16,"text":"That compares with speeds of about five minutes by Chinese rivals CATL, the world’s biggest EV battery maker, and BYD. In June, BYD said it would spend nearly €2bn in Europe to offer its five-minute “flash-charging” technology to all its mainstream models in the coming years."}],[{"start":51.36,"text":"Geely’s announcement on Wednesday highlights Chinese carmakers’ push to reduce dependence on CATL for batteries, the biggest and most expensive component in most EVs."}],[{"start":61.04,"text":"Alongside Geely, state-owned legacy carmakers Changan and SAIC have increased in-house battery R&D and production efforts."}],[{"start":68.96,"text":"Newer, tech-focused EV makers Xiaomi and Xpeng have sought to diversify supplies from CATL to rival group CALB. Li Auto, a key BYD competitor, has boosted its investments in smaller battery maker Sunwoda."}],[{"start":null,"text":"

"}],[{"start":83.52,"text":"While the trend dubbed “De-CATLification” by Chinese media reflects significant investments into diversified battery supply chains by carmakers, many analysts are sceptical."}],[{"start":93.12,"text":"“CATL’s position is extremely difficult to dislodge,” said Chen Shan, battery analyst at consultancy Rystad."}],[{"start":100.16,"text":"CATL accounts for about 38 per cent of the world’s installed lithium iron phosphate (LFP) battery manufacturing capacity, according to Rystad data."}],[{"start":109.76,"text":"BYD, the second-largest player, mainly makes batteries for its own vehicles, while EVE Energy, CALB and Gotion each have shares of about 7 per cent."}],[{"start":117.84,"text":"Geely also signalled that it is joining BYD and CATL in pouring billions of dollars into research and development, targeting innovations in cell chemistry and manufacturing as they compete on range and charging speed."}],[{"start":131.275,"text":"The investments come as cost pressures mount for automakers in China. In the first eight months of the year, domestic sales of petrol cars fell by almost a third to 5.95mn cars according to data from Automobility, a Shanghai consultancy. The sales decline for EVs, including battery-only and plug-in hybrids, was 10 per cent to 7.22mn."}],[{"start":155.288,"text":"Countering the domestic slowdown, China exported 7.15mn vehicles in the eight months to August — more than the record 7.1mn for all of last year."}],[{"start":169.6,"text":"CATL’s Hong Kong-listed shares have fallen about 35 per cent since peaking in June but are up more than 90 per cent since it listed last year. CATL declined to comment."}],[{"start":180.465,"text":"Chris Liu, a Shanghai-based EV analyst with Omdia, said carmakers were seeking alternative suppliers to cut costs."}],[{"start":188.16,"text":"“CATL has consistently accounted for about 40 per cent [market share] . . . that kind of market dominance inevitably leaves automakers with limited bargaining power when purchasing batteries,” he said."}],[{"start":199.28,"text":"Liu also noted that CATL was pivoting to new growth areas, including energy storage, driven by demand from AI data centres."}],[{"start":207.809,"text":"Rystad’s Chen said few Chinese automakers had disclosed the extent of their purchases from CATL compared with alternative suppliers."}],[{"start":216.24,"text":"“The idea of ‘de-CATLisation’ is, at this stage, more of a market narrative than a fundamental shift,” she added."}],[{"start":222.08,"text":"A media outlet affiliated with China’s Ministry of Industry and Information Technology on Tuesday published a commentary critical of discussions of the “de-CATLification” trend."}],[{"start":233.44,"text":"The article warned that while “cost reduction in the supply chain is certainly important . . . quality should especially not be sacrificed in exchange for low prices”."}],[{"start":248.48,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790208528_8361.mp3"}