Battery

The pack is based on Gotion's new L600 LMFP cells with an energy density of 240 Wh/kg and will be in mass production in 2024.

The price of battery-grade lithium carbonate has risen 66.67 percent in China and 111.11 percent for industrial-grade lithium carbonate since the rally began late last month.

The battery plant will support electric two-wheeler and power tool manufacturers in Malaysia and Southeast Asia, Eve Energy said.

Battery grade lithium carbonate rose 7.61 percent in China today, and industrial grade lithium carbonate rose 13.25 percent, both the largest single-day gains of this year.

BYD returned to the top spot in the LFP battery market with a 42.68 percent share in April, overtaking CATL's 33.65 percent.

Eve Energy sealed a battery cell supply relationship with BMW last September to supply large cylindrical lithium-ion cells for the latter's Neue Klasse line of vehicle models.

CATL's battery is expected to maintain its No. 1 position as it is in high demand in passenger cars such as the Tesla Model 3, Model Y, SAIC Mulan, and the Chinese commercial vehicle market, according to SNE Research.

Gotion is in the process of exploring a battery plant in the US, and the site is close to being decided, a company executive said.

Lithium prices are expected to stop falling in the near term, but will continue their downward trend over the next two years, analysts say.

In a 4C fast-charging solution, the Dragon Armor Battery has 32 percent higher pack capacity compared to the 46 series high nickel cylindrical battery, according to Svolt Energy.