The world's largest motor show, the 'Shanghai Motor Show,' opened in China on the 23rd, where Chinese corporations announced electric vehicle ultra-fast charging technology. Foreign media analyzed that the global electric vehicle industry has come to rely heavily on Chinese electric vehicle and battery corporations, noting that these corporations possess technological capabilities several years ahead of the United States.
According to Chinese media on the 24th, Ningde Times (CATL), the world's largest electric vehicle battery manufacturer, unveiled its second-generation battery 'Shenxing,' which is capable of ultra-fast charging. Shenxing has a driving range of 800 km, and after charging for 5 minutes, it can drive 520 km. The charging speed has been reduced to a level similar to the time it takes to refuel at a gas station. More than 67 new electric vehicle models are expected to be powered by Shenxing batteries this year.
Huawei also announced the development of technology that can charge a large truck to 90% in just 15 minutes for commercialization, and BYD revealed ultra-fast charging technology that can allow for 470 km of driving after a 5-minute charge last month. According to the Chinese economic media outlet, Economic Observer, Geely, China’s largest automotive group, is establishing a battery group called 'Geely Power' by integrating its battery business.
The '5-minute charging' technology unveiled by BYD and CATL is expected to be commercialized only within China for now. However, The Wall Street Journal (WSJ) assessed that this is a case showing that China is several years ahead of the United States in electric vehicle technology, even as the United States intensifies efforts to restrict access to China's advanced technology.
China has a high electric vehicle penetration rate globally. According to the China Passenger Car Association (CPCA), 52% of passenger cars sold in China in March were electric vehicles or plug-in hybrid vehicles. The penetration rates for electric vehicles in the United States and Europe are around 10% and 15%, respectively.
Based on the rapidly growing domestic market, Chinese electric vehicle and battery corporations are dominating the global market. Reports indicate that CATL currently occupies more than one-third of the global electric vehicle battery market and supplies batteries to Tesla products made in China. Ford is building a factory to manufacture batteries using CATL technology. BYD has become the leading corporation in electric vehicle market share, surpassing Tesla while simultaneously manufacturing its own electric vehicles.
The technological gap with the United States is also evident in infrastructure and policies. Reports indicate that more than 13 million charging facilities are installed across China. In contrast, according to the U.S. Energy and Transportation Institute (JOT), the number of electric vehicle charging stations in the United States stands at only about 230,000.
WSJ noted that "industry experts evaluate that China's electric vehicle charging environment is far ahead of that of the United States," adding that "the Chinese government's electric vehicle subsidies, low electricity rates, and other factors are also acting as catalysts for the acceleration of technology diffusion."