The Chinese firm behind the EV maker’s power storage has said the new batteries are ready to go.
The Chinese giant behind Tesla and Volkswagen’s electric car battery has announced its newest release, a power pack that will last over million miles.
This represents an important landmark in the industry that could send drivers and automakers to EVs.
Contemporary Amperex Technology Co. Ltd. is prepared to begin manufacturing an electric car battery that will last 16 years and 1.24 million miles (2 million kilometers). This, according to the company’s chairperson, Zeng Yuqun from an interview in Ningde, southeastern China, where the company is headquartered. According to BloombergNEF, warranties on current EV batteries are for about 150,000 miles or about eight years.
Lengthening the life of the power pack is seen as an important improvement for these rechargeable vehicles as it means they will have a longer lifespan, or the battery could be removed from one vehicle and used in a second one for many more years. This would significantly reduce the expense associated with EV ownership, making them more attractive to consumers and the automotive industry alike.
This longer lifespan electric vehicle battery is good news to automakers suffering from the pandemic crisis.
The new power pack will help to make rechargeable cars more environmentally friendly and more competitive against conventionally fuelled cars, which have become more cost efficient due to tanking oil prices in the pandemic economy.
“If someone places an order, we are ready to produce,” stated Zeng, without specifying as to whether any contracts for the new version of the power pack have been signed. The new batteries would each cost about 10 percent more than the current EV standard. However, the fact that they can be used for substantially longer will make EVs less expensive in the long run. Moreover, it will also help to assuage consumer concerns regarding the loss of power source strength after the first few years of EV ownership and the expense of having to replace that costly component.
Contemporary Amperex Technology Co. Ltd. is currently the largest electric vehicle battery maker in the world.