CATL's new energy system 'to target world markets'

Chinese battery giant CATL has launched a new energy storage system with five-year zero degradation capacity on the market.

The new energy storage system Tianheng is said to be the world's first mass-producible energy storage system with five-year zero loss of capacity, the company said.

The Tianheng system has a capacity of 6.25 megawatt-hours, with unit area energy density increasing by 30 percent and footprint decreasing by 20 percent.

A report from Yicai said that CATL might target overseas projects first as the product will not be cheap due to high production costs.

CATL was reported to have been planning a second listing in Hong Kong this year after its initial public offering in Shenzhen, to raise between US$5 billion (HK$39 billion) and US$6 billion.

Meanwhile, Chinese electric vehicle maker XPeng (9868) has appointed Sime Darby as its distributor in Hong Kong and plans to open a flagship store in the third quarter, speeding up its overseas expansion.

In collaboration with the Malaysia-based Sime Darby, XPeng is expected to sell its latest electric SUV model G6 and flagship electric seven-seater MPV X9 from mid-May and to start deliveries in the third quarter.

Sime Darby operates in 17 countries and regions across the Asia Pacific, representing passenger and commercial vehicles and motorcycles.

In Hong Kong it is the distributor of eight car brands, including BMW, Mitsubishi and Suzuki.

XPeng plans to enter Macau with partner Xin Kang Heng, offering G9, X9, G6, and P7i models. Left-hand drive models will start delivery in May.

The EV maker has expanded its footprint in Spain, Thailand, Singapore and other European countries, amid a fiercely competitive EV market in the mainland.

Sales of EVs in China have recorded the lowest quarterly growth in a year for the first three months this year.

XPeng's share price rose 7.71 percent to HK$32.15 per share yesterday but the stock is still down 43 percent so far this year.