Chinese EV brand Zeekr on Thursday announced the launch of a fast-charging, affordable, lithium iron phosphate (LFP) battery capable of running 500 kilometers (310 miles) on a 10-minute charge, becoming the latest automaker to seek more self-reliance and better cost control over the critical EV component.
Claiming to be the world’s first LFP battery with an 800-volt electrical system for fast charging, the so-called Gold Brick battery features a faster recharging speed than some of the most advanced offerings from established battery suppliers such as CATL and BYD. CATL’s latest Shenxing battery adds 400 km on a 10-minute charge.
The decision by Zeekr to make its own EV batteries is one of the clearest examples of the Geely-owned brand’s determination to have greater control over its EVs’ core technologies, Chief Executive Andy An told a press conference in the eastern city of Quzhou on Thursday.
Here’s what Zeekr’s management said about the battery and its production plan:
Gold Brick battery: The blade-shaped LFP battery will be first equipped for the entry-level version of the Zeekr 007, the brand’s first battery electric sedan with a pre-sale price of RMB 224,900 ($31,059), offering a driving range of 688 km on a single charge.
- Zeekr’s new batteries have a cell-level energy density of 250 watt-hours per kilogram (Wh/kg) and reach 128 Wh/kg at a system level. The company said it can fit more battery cells into a given space, which enables more energy density and requires fewer connection components.
- For comparison, CATL’s other most recent battery, Qilin – which is packed with more expensive nickel and cobalt-based cells – reaches 255 Wh/kg at a system level and can power an EV for 1,000 km. The next-generation Qilin will give 500 km of range after 12 minutes of charge.
- In what An described as a “very important” strategic partnership (our translation), Zeekr continues to source batteries from CATL. The long-range 007 sedan, offering a driving range of 870 km, will be powered by CATL’s nickel-manganese-cobalt (NMC) batteries.
Quzhou production base: The Quzhou factory, which also produces NMC batteries for other Geely-owned marques such as Smart and Galaxy, will have an annual capacity of 24 gigawatt-hours (GWh) next year. This will allow the automaker to achieve an annual production run rate of 840,000 EVs.
- An mentioned the likelihood of supplying the battery type and module assembly to other Geely-affiliated brands, especially those that share the SEA vehicle platform Zeekr builds its cars on, as well as rivals’ models.
- The facility started operations last month after being constructed in 15 months. The company is targeting a yield rate, which measures the number of satisfactory units coming out of all produced items, of 93% in Quzhou, Vice President Xie Shibin told reporters during an interview on Thursday.
- Zeekr’s parent company Geely, which owns the facility, has deployed a set of solar arrays on the rooftop with a long-term goal of making it a zero-carbon plant, the executives added.
Context: Geely is the latest in a range of Chinese automakers from GAC to Changan that has turned to making its own electric vehicle batteries in order to lower production costs and gain control over its supply chain. An original equipment manufacturer (OEM) could recover its investment and make a profit if it produces more than 15 GWh worth of batteries, McKinsey & Company has estimated.
- The global EV battery market is currently led by CATL, with the Chinese giant accounting for more than a third of the market from January to October, according to figures compiled by industry tracker SNE Research.
- Among automakers, BYD made an early bet on in-house battery making, launching its blade-shaped LFP batteries in 2020 and recording shipment of 87.5 GWh during the first nine months of this year.
- Zeekr has been partnering with CATL, with the latter’s Qilin battery first equipped by the Zeekr 009 luxury van and the completion of a $750 million financing round partly backed by the battery giant early this year.
- The EV brand filed for an initial public offering in New York last December in the hope of raising more than $1 billion at a valuation of more than $10 billion. It has also made a foray into the European market, currently selling EVs in the Netherlands and Sweden.