The major electric vehicle battery supplier is developing new types of batteries it says will be a major turning point for the industry.
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Emerging as one of the world's most prominent battery makers, Chinese company CATL claims it is at the forefront of electric vehicle technology, supplying its technology to Volvo, BMW, and Tesla.

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.