China’s CATL claims to beat BYD's EV battery record with longer range on a 5-minute charge

China's CATL, the world's largest supplier of EV batteries, announced a set of new incoming products Monday, including a battery it claims has set a "new global record for superfast charging technology."

In a post on WeChat, the company — Contemporary Amperex Technology Company Ltd. — said that its second-generation Shenxing battery could add 520 km (323 miles) of driving range from just five minutes of charging time— only slightly longer than it takes to refuel gas cars.

This appears to put CATL's fast charging ahead of that of Chinese EV giant and Tesla rival BYD, which last month surprised the industry with a charging system it claimed could add about 400 km in range to its batteries in about 5 minutes. 

Some analysts were skeptical about BYD's claims, noting potential technical hurdles and high costs. However, if proved feasible on a larger scale, the tech could help the EV industry alleviate consumer concerns about electric vehicle range and convenience. 

CATL's latest claims would also place its cutting-edge charging speeds comfortably ahead of those of its Western competitors. Tesla's latest superchargers can add up to 270 kilometers of range in 15 minutes, while Mercedes-Benz Group recently said one of its batteries can recharge up to 325 kilometers within 10 minutes.

The new Shenxing product offers a range of 800 km and a peak charging power of 1.3 megawatts, CATL said. It added that the battery outperforms the industry's highest current charging level in low-temperature environments of -10°C.

On Monday, CATL also revealed new batteries within its "Naxtra" series, which it said would be "the world's first mass produced sodium-ion battery," reducing the EV industry's reliance on lithium. 

The use of sodium-ion batteries can help decrease maintenance costs and are capable of performing in extreme temperatures of -40°C to +70°C, according to the company.

One of the Naxtra batteries was specifically for heavy-duty trucks, offering over eight years of service life while providing reduced lifecycle costs and higher efficiency than traditional lead-acid batteries, CATL added.

Shenzhen-listed shares of CATL were trading up about 1% on Tuesday.

The company filed for a listing in Hong Kong earlier this year. According to a report from Reuters citing sources familiar with the matter, the deal is expected to raise at least $5 billion, which could make it Hong Kong's largest IPO since early 2021.