First BYD bested Tesla, now CATL is coming for BYD

CATL’s new battery has a longer range than it’s competition.

Transcript

00:00Just weeks after China's BYD unveiled its new 5-minute, 250-mile charging system,

00:05another Chinese EV maker is upping the ante.

00:09Contemporary Amperex technology company, or CATL, is the world's largest producer of electric batteries,

00:15and it claims its new battery can last 70 miles longer than BYD's and charge just as quickly.

00:21Speaking at a company event in Shanghai, CATL's chief technology officer said, quote,

00:26Once again, we are pushing the boundaries of performance beyond limits.

00:30Our goal is to make the CATL Shenzhen supercharging battery the standard for electric vehicles,

00:36bringing users a more convenient and freer travel experience.

00:40According to market research firm S&E Research, CATL holds 38% of the global electric battery market.

00:48It has held the rank of world's largest battery supplier for eight consecutive years

00:51and supplies batteries to Ford, BMW, Volkswagen, and other major car brands.

00:57That'll do it for your daily briefing.

00:59From New York City, I'm Lauren Torres with The Street.