China’s CATL to give TSLA a run for money with long-range EV battery

2 min read | June 23, 2022 10:54 AM PDT | By Mridul Gogoi

China’s CATL to give TSLA a run for money with long-range EV battery — Image source: © Cammeraydave | Megapixl.com

Tesla, Ford, and GM clash for EV market share

US carmakers Ford and GM are also investing a lot in battery research to beat market leader Tesla. Even the government is stepping in. In March, President Biden invoked the Defense Production Act, which allows the president to promote the domestic production of certain products.

It will help the US’s supply of the rare metals and materials used in electric vehicles.

Elon Musk, Tesla’s chief executive, has recently urged EV makers to get into the battery industry. He argues that it is one of the most crucial elements to succeed in the EV sector.

Meanwhile, CATL has to deal with grappling issues like the price rise of raw materials and loss of trading. Its Q1 2022 net income plunged 24% from the same quarter in 2021.

Bottom line:

Creating a low-emission transport system worldwide will need replacing vehicles and ships that run on fossil fuels besides developing low-carbon alternatives, such as batteries, biofuels or hydrogen.

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