Adds quotes from CATL executives in paragraphs 4 and 8
SHANGHAI, April 21 (Reuters) - China's CATL 300750.SZ on Monday launched a new brand for its sodium-ion batteries, Naxtra, which it said would go into mass production in December, and a second generation of its fast-charging battery for electric cars.
CATL became the first major automotive battery maker to launch a sodium-ion battery in 2021. Unlike other battery materials, sodium is cheap and abundant, and the chemistry has the potential to reduce fire risks in EVs, experts have said.
The first production under the Naxtra brand will be of a new sodium-ion battery with an energy density of 175 watt-hours per kilogram, nearly equivalent to the lithium iron phosphate (LFP) batteries popularly used in electric vehicles and grid energy storage systems.
Sodium-ion batteries may have a cost advantage over lithium-ion batteries as the technology and supply chain develop, said Ouyang Chuying, co-president for R&D at CATL.
CATL's billionaire founder Robin Zeng has said he sees sodium-ion batteries potentially replacing up to half the market for LFP batteries that CATL now dominates.
Besides Naxtra, CATL also launched the second generation of its Shenxing fast-charging battery, which it said can enable a 520 km driving range with a five-minute charge, and reach 80% charging from 0% in 15 minutes in cold weather.
More than 67 new electric vehicle models will be powered by the Shenxing battery this year, said CATL's Chief Technology Officer Gao Huan at an event in Shanghai, without specifying how many would be equipped with the first or second generation version.
Over 18.32 million cars equipped with CATL batteries are running in more than 66 countries globally, according to Gao.
CATL also launched a new system to pair battery packs together, similar to the two-engine system on passenger jets, which the company said would improve EV safety.
Last month, CATL reported 15% growth in 2024 net profit, the slowest pace in six years, as a prolonged price war in China's electric vehicle market put pressure on the Chinese EV battery giant.
(Reporting by Zhang Yan and Brenda Goh; Editing by Christopher Cushing, Saad Sayeed and Jan Harvey)
((yukun.zhang@thomsonreuters.com;))
