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M3P
batteries will have greater energy density and perform better
than lithium-ion phosphate batteries, a market CATL dominates.
They will also be cheaper than nickel and cobalt-based
batteries, Zeng Yuqun told an online investor briefing on
Friday.
CATL disclosed in August last year that it was working on M3P
technology, which can enable an electric vehicle to run 700 km
(430 miles) per charge when combined with CATL's next generation
of battery-pack technology.
Zeng said CATL was finding it difficult to come up with a
technologically feasible and competitive product based on solid
state batteries, a competing technology that is also being
researched by Japan's Toyota Motor Corp and Germany's
Volkswagen.
CATL, whose clients include Tesla, Volkswagen, BMW and Ford, is
the world's biggest battery maker accounting for more than a
third of the sales of batteries for electric vehicles (EV)
worldwide.
The company's dominance attracted attention from Chinese
President Xi Jinping, who said earlier this month he was both
"pleased and concerned" over its rise.
Since last year, a number of CATL's customers have complained
about its market position, with some opting for alternative
suppliers or choosing to develop their own batteries, Reuters
has reported.
Asked on Friday how these rival batteries could affect CATL's
market share, Zeng said that he expected them to have more
impact on second-tier and third-tier battery-makers and that
CATL would remain the primary battery supplier.
He said new energy vehicle sales in China have been recently
affected by inventory clearance efforts by combustion engine car
makers ahead of a change in emissions rules, but he remained
confident about the overall EV sales outlook.
More than 40 brands have slashed vehicle prices in China in
recent months, deepening a price war ignited by Tesla's first
salvo in January.
(Reporting by Zhang Yan and Brenda Goh; Editing by Barbara Lewis
and Muralikumar Anantharaman)
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