Tesla supplier CATL evaluates battery exchange company abroad

Tesla supplier CATL evaluates battery exchange company abroad

CATL is the world’s largest manufacturer of batteries for electric vehicles and supplier of Tesla and Ford, among others.

Pavlo Gonchar | Sopa images | Light rocket | Getty Images

The world’s largest electric vehicle manufacturer, CATL, is evaluating whether to expand its battery swapping business into international markets, a senior executive told CNBC.

CATL, or Contemporary Amperex Technology Co. Limited, is a supplier to companies such as Tesla and Ford.

related investing news

CNBC Investing Club
Qualcomm’s First Day for Auto Investors Offers Signs the Industry Embraces Its Technology Platform

In January, the Chinese battery manufacturer launched its battery exchange company called EVOGO in 10 cities in China. The aim is to ensure that electric cars no longer have to stop at charging points. Instead, drivers can rent battery packs from CATL and place them in the car when their other battery runs out. This takes a matter of minutes.

Nio, an electric car start-up in China, also has a competitive battery exchange program. The company plans to expand that to build 1,000 battery-exchange stations outside of China by 2025, with the majority in Europe, Nio co-founder Qin Lihong told Reuters this week.

Li Xiaoning, executive president of overseas commercial application at CATL, told CNBC in an interview on Thursday that the company is also evaluating the expansion of its battery exchange product to Europe.

Back1 of 2

Leave a Comment

Your email address will not be published.