• About Us
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions
Sunday, January 29, 2023
The Washington Mail
  • Home
  • World
  • Business
  • Tech
  • Entertainment
  • Health
  • Lifestyle
No Result
View All Result
The Washington Mail
No Result
View All Result

Tesla supplier CATL evaluating battery swapping business overseas

by Editorial Board
September 23, 2022
in Business News
Tesla supplier CATL evaluating battery swapping business overseas


CATL is the world’s largest electric vehicle battery maker and supplier to the likes of Tesla and Ford.

Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images

The world’s largest electric vehicle battery maker CATL is evaluating whether to expand its battery swapping business to international markets, a senior executive told CNBC.

CATL, or Contemporary Amperex Technology Co. Limited, is a supplier to companies such as Tesla and Ford.

related investing news

Qualcomm's first auto investor day offers signs the industry is embracing its tech platform
CNBC Investing Club
Qualcomm’s first auto investor day offers signs the industry is embracing its tech platform

In January, the Chinese battery manufacturer launched its battery swapping business called EVOGO in China across 10 cities. The aim is to remove the need for electric cars to stop at recharging stations. Instead, drivers can rent battery packs from CATL and put them into the car when their other battery runs out. This takes a matter of minutes.

Nio, an electric car start-up in China, also has a rival battery swapping program. The company plans to expand that to building 1,000 battery swapping stations outside China by 2025, with the majority in Europe, Nio co-founder Qin Lihong, told Reuters this week.

Li Xiaoning, executive president of overseas commercial application at CATL, told CNBC in an interview on Thursday, that the company is also evaluating expansion of its battery swapping product into Europe.

“I would say this will start in China this year. We will step by step check the overseas footprint of EVOGO,” Li said.

Read more about electric vehicles from CNBC Pro

“We are starting to evaluate the potential cooperation with many partners. We need to understand the detail in practice,” he added. “There are many things we consider. Product technology is one thing, another is the business case, the regulation, the local rules, and also other factors we need to think of as well.”

If CATL expands the business overseas, it could help foreign carmakers offer the battery swapping services to customers without having to build the expensive infrastructure themselves.

CATL is facing challenges including the rising cost of raw materials like lithium, which goes into its batteries.

But the company still managed to more than double profit in the second quarter as demand for electric vehicles continues to remain strong.



Source link

Tags: batterybusinessCATLevaluatingoverseassupplierswappingTesla
Editorial Board

Editorial Board

Get the latest news and updates on World News, Business, Tech, Entertainment and more.

Related Posts

Business booming at local food truck after influencer's TikTok review - News3LV

Business booming at local food truck after influencer's TikTok review – News3LV

by Editorial Board
January 28, 2023
0

Business booming at local food truck after influencer's TikTok review  News3LV Source link

Small business owners in Bakersfield to get money from city for security measures - Bakersfield Now

Small business owners in Bakersfield to get money from city for security measures – Bakersfield Now

by Editorial Board
January 25, 2023
0

Small business owners in Bakersfield to get money from city for security measures  Bakersfield Now Source link

Chicago police warn business owners about recent burglaries in Woodlawn

Chicago police warn business owners about recent burglaries in Woodlawn

by Editorial Board
January 22, 2023
0

CHICAGO - Chicago police are warning business owners in Woodlawn to watch out after three recent burglaries. Police said the...

Next Post
Business Highlights: Amazon's data trove, Tesla stock split

The World’s Second-Biggest Fortune Deserves a Keener Spotlight

Popular Stories

  • DYOR Paving the Path to Digital Supremacy in Web 3.0 and NFT Industries

    DYOR Paving the Path to Digital Supremacy in Web 3.0 and NFT Industries

    0 shares
    Share 0 Tweet 0
  • Top Three Fruity Slots

    0 shares
    Share 0 Tweet 0
  • Congratulations on Lenercom ESS Won the iF design award 2022!

    0 shares
    Share 0 Tweet 0
  • Entrepreneur Davide De Vries redefines online sales through his distinctive mentorship programs.

    0 shares
    Share 0 Tweet 0
  • morph: The Web3 Brand That Bridges The Gap Between Real and Virtual Worlds Through Digital Innovation

    0 shares
    Share 0 Tweet 0

Recommended

Bam Entertainment Center is 'Blitzen' into the holiday spirit

Bam Entertainment Center is ‘Blitzen’ into the holiday spirit

November 20, 2022
Ivana Trump’s cause of death ruled an accident | Entertainment

Ivana Trump’s cause of death ruled an accident | Entertainment

July 16, 2022
St. Louis Kolache restaurant to open in Arnold | Business

St. Louis Kolache restaurant to open in Arnold | Business

December 26, 2022
  • About Us
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

© 2022 The Washington Mail. All Rights Reserved.

No Result
View All Result
  • Home
  • World
  • Business
  • Tech
  • Entertainment
  • Health
  • Lifestyle

© 2022 The Washington Mail. All Rights Reserved.