CATL has announced that it is ready to produce an electric car battery with a battery lifespan of a million miles or approximately 2,000,000 km and 16 years. To put it into context, current electric cars have warranties that last up to 240,000 km. Although current electric car batteries are predicted to last from 10 to 20 years, the warranty period is usually about 8 years.
In February 2020, CATL and Tesla confirmed a partnership from July 2020 to June 2022. The batteries are to be used in the Shanghai-assembled Tesla Model 3. Tesla has so far mainly worked with Japan’s Panasonic Corp and South Korea’s LG Chem. With such a long battery lifespan, the “million mile” battery is claimed to be transferable to a second vehicle.
Founded in 2011, CATL’s automotive customers include Tesla, BMW, Toyota, Volkswagen, Volvo, and extends to Daimler Trucks and Buses. Chairman of CATL, Mr. Zeng Yuqun predicts a “trigger point” for electric cars once they overtake petrol vehicles around 2030 - 2035.
Volkswagen and Daimler have began investing in lithium-ion battery companies to undermine the monopoly that CATL has.