Last week, the Chinese company claimed it is developing a battery with no nickel or cobalt, according to a report from news outlet Reuters.
Reducing a battery's reliance on the metals means the company can theoretically produce a battery capable of lowering the cost of electric vehicles. If cheap enough, it could bring the cost of electric vehicles down to a level comparable with traditional internal combustion vehicles.
Last week, another story from Reuters reported the company is developing batteries designed to fit within a car's chassis, allowing the battery casing to be discarded – saving weight and improving efficiency, as well as increasing the number of battery cells in a car.
In June, the company reported it had produced a battery capable of lasting two million kilometres.
The company's stock price dropped by 16 per cent since it peaked in mid July 2020.