A revolutionary car battery that charges in 10 minutes and powers a car for hundreds of miles has been developed in China, raising concerns about Beijing's growing dominance in the global electric vehicles (EV) market.
A new report from the International Energy Agency (IEA) highlights significant advancements in chemistry that have enabled a Chinese company to create the new type of high-energy batteries that surpass existing technologies.
The Shenxing battery, developed by Chinese company CATL, uses lithium iron phosphate (LFP) technology and can provide a range of 250 miles after just 10 minutes of charging. An even newer version of the Shenxing can reportedly go as far as 600 miles on a full charge.
The IEA calls it a "significant improvement" over existing technologies, and one that addresses one of the main barriers to widespread EV adoption: long charging times, or "range anxiety."
Cars powered by the new Chinese batteries would need recharging far less often than most current EVs, and at a lower cost. Popular EVs in America, such as the Tesla Model 3 and the Nissan Leaf, use battery technology that still requires significantly longer charge times. The Model 3, with its lithium-ion battery, can gain around 170 miles of range in 30 minutes using a DC fast charger. Meanwhile, the Leaf, equipped with a lithium-ion manganese oxide (LiMn2O4) battery, can add approximately 90 miles of range in the same period.
Rapid advancements by Chinese companies in EV technology have raised significant concerns among global competitors and policymakers about the country's dominance in battery technology. China has made several breakthroughs in battery chemistry that have positioned itself well ahead of Western rivals, according to the IEA.
The IEA's report raised alarms about China's stranglehold over the supply of critical materials needed for battery production, which could lead to economic and strategic disadvantages for other countries.
EV batteries require several rare-earth minerals to function. Their cathodes generally include compounds of nickel, lithium, manganese, cobalt, and iron, while anodes typically contain compounds of graphite and silicon. China wields power over many of those raw materials, including a 90% ownership of the global supply of battery-grade graphite, according to the IEA.
The report emphasized that China's dominance could disrupt global net-zero rollouts due to potential vulnerabilities in supply chains caused by "extreme weather, trade disputes, or geopolitical tensions."
China's global dominance in EVs is driven by its vast domestic market that's juiced by deep government subsidies for consumers. According to the report, 60% of all EVs sold globally last year were purchased by Chinese buyers.
President Joe Biden this week announced a 100% tariff on EVs imported from China, a protectionist move meant to defend the U.S. auto industry and a domestic EV market that's growing in fits and starts from an influx of cheap Chinese EVs.
