• 12 hours Big Business’ New COVID Initiative: No Jab, No Job
  • 2 days The Most Interesting Stocks Of Earnings Season, For Better or Worse
  • 5 days Chinese Stocks Rebound After Regulatory Scare
  • 6 days Apple Stocks Falls After Blowout Earnings Report
  • 6 days The 5 Biggest IPO Disasters Of 2021
  • 7 days Crypto-Based ‘Shadow Financial Market’ Spooks Regulators
  • 10 days Ireland Balks At Biden’s Global Tax Plan
  • 13 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 17 days Facial Recognition Is Watching You
  • 18 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 18 days The Fed’s $3 Trillion Headache
  • 21 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 22 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 22 days Delta Variant Real Threat To Economic Recovery
  • 25 days JEDI Drama Continues With Microsoft Contract Cut
  • 27 days DiDi Shares Take a Beating From Chinese Regulators
  • 28 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 29 days Jobs Report Has Big Numbers, But Still Big Problems
  • 29 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 33 days Didi Just Went Public, And Uber Is Loving It
Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. News
  3. Breaking News

Tesla’s Latest Battery Innovation Ready For Use In China

Tesla

Tesla has made a move away from the dominant EV battery technology, asking the Chinese government for approval to start manufacturing Tesla Model 3 featuring a lithium iron phosphate batteries, Reuters reports, citing a document published on the website of the Chinese Ministry of Industry and Information Technology.

Lithium iron phosphate, or LFP, batteries contain no cobalt—one of the more expensive components of EV batteries and the object of ethical mining controversies since most of the world’s supply of cobalt is concentrated in the Democratic Republic of the Congo where child labor is rife.

The new batteries for the Model 3 will likely be produced by CATL, a Chinese battery and technology company, and the biggest EV battery maker globally. CATL sealed a deal with Tesla to supply it with batteries in February, for a two-year period beginning in July this year. Soon after, CATL, which also supplies EV batteries to Audi, Hyundai-Kia, Volvo, and Mercedes, said it would boost its production capacity fourfold, for an investment of $3.7 billion. At the time Reuters reported the batteries CATL will supply to Tesla would be lithium iron phosphate ones. Related: Gold Soars To 7-Year Highs

According to another report by The Driven, the CATL batteries will be cheaper, not just because of the absence of cobalt but also because the battery maker could dispense with the battery modules. Reuters has calculated that the cost of a CATL-made battery pack for a Tesla Model 3 made in China could be $80 per kWh, which is a fifth less than the battery pack price that many assume will make EVs price-competitive with internal combustion engine vehicles.

In March, Tesla set a record in car sales in China despite the coronavirus pandemic, which caused a 40.8-percent drop in total car sales in the locked-down country. The EV maker sold 10,160 cars in China in March, up from just 3,900 a month earlier.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment