Tesla, Nio supplier CATL pushes for increased safety standards in…

Tesla, Nio supplier CATL pushes for increased safety standards in…

Facebook
Twitter
LinkedIn

Tesla Inc.‘S TSLA battery supplier Contemporary Amperex Technology Co. Limitedor CATLcalled on the Chinese government to increase safety and quality standards in the battery storage industry.

What happened: Zeng YuqunCATL chairman, called for a series of reforms and “nuclear power levels” of oversight, reported Bloomberg.

See also: The best semiconductor stocks right now

“In recent years, the domestic battery energy storage industry has grown rapidly, but the products are of inconsistent quality, which poses new safety and reliability challenges for grid-connected operation of large-capacity battery storage systems,” Zeng said, according to the report.

Last year, Zeng, who is also a member of the National Committee of the Chinese People’s Political Consultative Conference, called for efficient use and improved recycling levels of lithium reported by China Daily.

Why it matters: Major electric vehicle manufacturers, including Tesla, rely on CATL for their batteries. Aside from Tesla, CATL, which is headquartered in China, also supplies batteries to other EV manufacturers such as: Nio Inc. NEVER.

Earlier in February Ford Motor Co. f 3.5 billion dollars invested to build the first lithium iron phosphate battery factory in the USA with the battery manufacturer.

Learn more about Benzinga’s coverage of the future of mobility from follow this link.

Continue reading: Tesla supplier CATL commands two-fifths of the global electric vehicle battery market — but this Warren Buffett-backed company has seen the fastest growth

[ad_2]

Source story

More to explorer