XPeng Diversifies Battery Sources, Reducing Reliance on CATL
What’s new: XPeng Inc.’s president said the electric-vehicle (EV) maker no longer counts battery industry giant Contemporary Amperex Technology Co. Ltd. (CATL) as its primary supplier, Reuters reported.
The automaker has been diversifying its suppliers, adding Sunwoda Electronic Co. Ltd., a smaller Chinese battery manufacturer, to a list that includes CALB Co. Ltd. and Eve Energy Co. Ltd., XPeng President Brian Gu said Wednesday in an online interview during a launch event for its G9 SUV.
XPeng is working with Sunwoda to develop a fast-charging battery for the vehicle that can be topped up to 80% in 15 minutes, Gu said.
XPeng did not respond to Caixin’s request for comment.
What’s the background: XPeng’s move to diversify its battery suppliers could be seen as part of its ongoing effort to better control costs, especially after CATL raised prices earlier this year.
In the first eight months of this year, CATL dominated China’s EV battery market with a 47% share, according to the China Automotive Battery Innovation Alliance. Over the period, CALB ranked third and Sunwoda ranked fifth, accounting for 7% and 2.5% of the market.
Contact reporter Ding Yi (firstname.lastname@example.org) and editor Michael Bellart (email@example.com)
Download our app to receive breaking news alerts and read the news on the go.
Get our weekly free Must-Read newsletter.
- MOST POPULAR