This news has been received from: CNBC

All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.

mail: [NewsMag]

In this article

  • 300750-CN
  • 300750-CN
  • Follow your favorite stocksCREATE FREE ACCOUNT
CATL is the world's largest electric vehicle battery maker and supplier to the likes of Tesla and Ford.Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images

The world's largest electric vehicle battery maker CATL is evaluating whether to expand its battery swapping business to international markets, a senior executive told CNBC.

CATL, or Contemporary Amperex Technology Co. Limited, is a supplier to companies such as Tesla and Ford.

In January, the Chinese battery manufacturer launched its battery swapping business called EVOGO in China across 10 cities. The aim is to remove the need for electric cars to stop at recharging stations. Instead, drivers can rent battery packs from CATL and put them into the car when their other battery runs out. This takes a matter of minutes.

Nio, an electric car start-up in China, also has a rival battery swapping program. The company plans to expand that to building 1,000 battery swapping stations outside China by 2025, with the majority in Europe, Nio co-founder Qin Lihong, told Reuters this week.

Li Xiaoning, executive president of overseas commercial application at CATL, told CNBC in an interview on Thursday, that the company is also evaluating expansion of its battery swapping product into Europe.

"I would say this will start in China this year. We will step by step check the overseas footprint of EVOGO," Li said.

Read more about electric vehicles from CNBC Pro

Morgan Stanley says this EV battery maker can rally as much as 350%

Want to play the EV sector? Here's one lithium stock that analysts say could soar 70%

JPMorgan says this company could become a leader in autonomous vehicle technology

"We are starting to evaluate the potential cooperation with many partners. We need to understand the detail in practice," he added. "There are many things we consider. Product technology is one thing, another is the business case, the regulation, the local rules, and also other factors we need to think of as well."

If CATL expands the business overseas, it could help foreign carmakers offer the battery swapping services to customers without having to build the expensive infrastructure themselves.

CATL is facing challenges including the rising cost of raw materials like lithium, which goes into its batteries.

But the company still managed to more than double profit in the second quarter as demand for electric vehicles continues to remain strong.


News Source: CNBC

Tags: the world’s largest largest electric world’s largest the world’s largest business overseas electric vehicles tesla and ford electric car for electric the business supplier the company the company

Butcher of Mariupol who bombed maternity ward & theatre promoted in Putin’s desperate bid to turn on the tide in Ukraine

Next News:

Isolated Putin loses his last allies as China and India heap pressure on him to end his bloody war in Ukraine

RUSSIA's Foreign Minister Sergei Lavrov has hinted Russia might have lost one of its last allies after he indicated an uneasy relationship with former supporter China.

In recent days, China and India, once billed as friendly nations by the Kremlin, have heaped pressure on Vladimir Putin, following the president's biggest escalation of the Ukraine war - including nuclear threats and nationwide mobilisation.

3Russian President Vladimir Putin is find himself more and more isolatedCredit: Alamy 3Putin's two long time allies have been distancing themselves from himCredit: Alamy

Lavrov, who was speaking at the UN General Assembly on Saturday, refused to answer a reporter's question about whether China is pressuring the Kremlin to end the war soon.

Lavrov first argued about the journalist's choice of words before slamming:  "Tell your readers that I avoided the question."

China's Foreign Minister Wang Yi, who was also present at the 77th session of the UN General Assembly, called for a negotiated end to the war.

"China supports all efforts conducive to the peaceful resolution of the Ukraine crisis. The pressing priority is to facilitate talks for peace," Wang told the Assembly, stressing that Russia and Ukraine should make concerted efforts to “keep the crisis from spilling over”.

This shift from China's usual opaque statements represents an apparent defiance to long-time friend Putin - with whom China vowed an "unbreakable" bond at the start of the war.

READ MORE IN WORLD NEWSHELL ON EARTH POW electrocuted & forced to listen to Abba for 24hrs in torture sessionsBLOOD ON STREETS Iran president warns protesters will be 'dealt with' in brutal crackdown

India, which also has historic economic ties as well as a number of bilateral defence agreements with Moscow, seconded China.

This change of tone is a far cry from the start of the Ukrainian invasion, when the two nations loudly criticised Western sanctions against Russia, refused to enact those sanctions and continued to buy up Russian energy.

But Putin's lifelines have appeared faulty in recent weeks - a development the White House has called "noteworthy".

In the first high-level meeting with his allies during the Shanghai Cooperation Organisation (SCO) summit in Uzbekistan's Samarkand, Putin was furious when China and India announced they were both uneasy about the invasion of Ukraine, according to sources quoted by The Times.

Most read in US NewsHORROR ATTACK Radio host is killed and his girlfriend and children attacked by house guestCHILLING BEHAVIOR Sister fears 'conspiracist has put her missing sibling in danger'DOUBLE DEATH? Mystery of missing woman last seen in Walmart as suspect's shock past emerges'HEART & SOUL' Tragic details emerge after twin brothers among three killed in horror crash

The strongman had been hoping for strong statements of support from his eastern allies, who, like Russia, have contentious relations with the West.

But China's Xi Jinping said he had "questions and concerns" surrounding the war in Ukraine, while Indian Prime Minister Narendra Modi pressed Putin to end the war.

Caught on camera, Modi told Putin: “Today’s era is not an era of war, and I have spoken to you on the phone about this".

Saturday's comments from Beijing and New Delhi underline Putin's growing isolation and raise questions about Russia's ability to sustain its economy, which has so far been propped by its allies.

So far, Russia has also strongly relied on ally Turkey, which has been mediating between the West and Russia, but this relation is also showing signs of wear.

Following Putin's announcement that Russia would carry out referendums in occupied Ukrainian territories, Turkey issued a stern reproof.

“Such illegitimate fait accomplis will not be recognised by the international community. On the contrary, they will complicate efforts to revitalise the diplomatic process and deepen instability,” Istanbul's statement said.

“We renew our support to Ukraine’s territorial integrity, independence and sovereignty, which we have been emphasising since the illegal annexation of Crimea in 2014, and reiterate our readiness to extend all necessary support to resolve the ongoing war … through peaceful negotiations.”

Turkish president, Recep Tayyip Erdoğan told PBS he felt he had been blindsided by Putin's latest announcement, saying he believed that his Russian counterpart was ready to make concessions.

With China refusing to send military equipment, Russia can now only rely on economically ostracised North Korea and ostracised Iran.

Defense supplier Iran, which also shares a deep disregard for the West in particular the U.S., has expanded its military cooperation with Russia since the invasion of Ukraine.

This stronger dealings between the two isolated nations have become clear in recent weeks after several Iranian-designed Shahed-136s - so-called "suicide drones" - were shot down by Ukrainian forces.

But, these political, diplomatic and economic setbacks come as Putin also faces blows on the battlefield and sweeping protests at home.

Anti-mobilisation protests broke out across the country after Putin drafted 300,000 reservists into his bloody war in Ukraine on Wednesday.

Hundreds of demonstrators were arrested as thousands are trying to flee the country.

Read More on The SunGIVE US A BREAK We're furious as our school LOCKS the toilets during class - it's insane

Huge queues have built at the borders with Finland, Georgia and Mongolia while men are rushing to get married to avoid getting conscripted.

Flights have also been disrupted, with fares for journeys on Russia's national airline Aeroflot going for up to £10,000.

3It comes as Putin suffers humiliation in Ukraine with troops abandoning equipment Topics
  • Global politics
  • Nuclear Weapons
  • Ukraine war
  • Vladimir Putin
  • China
  • Iran (Islamic Republic of)
  • Russia
  • Ukraine

Radio host is killed and his girlfriend and children attacked by house guest


Sister fears 'conspiracist has put her missing sibling in danger'


Mystery of missing woman last seen in Walmart as suspect's shock past emerges

Revealed'HEART & SOUL'

Tragic details emerge after twin brothers among three killed in horror crash

Follow The SunServices
  • Sign Up To The Sun
  • About Us
  • Editorial Complaints
  • Clarifications and Corrections
  • News Licensing
  • Advertising
  • Contact Us
  • Help Hub
  • Topic A-Z
  • Cookie Settings
  • Contact Preferences


Other News

  • Ford Breaks Ground on BlueOval City in West Tennessee
  • DeSantis Takes Measures to Combat Influence of Hostile Nations Such as China
  • Unmanned Aircraft Manufacturer to Build Plant in Manassas
  • Commentary: Phaseout of Oil Cars Show Contempt for Rural America and the Developing World
  • SpaceX's Falcon 9 Captured Along East Coast
  • Daughter of homicide victim Debbie Collier has criminal history: Report
  • Man Convicted Of Sexually Abusing Minor Placed In His Care, Howard County State's Attorney Says
  • Millie Bobby Brown's Detective Service Is Open for Business in 'Enola Holmes 2' Trailer
  • Armed Robber On The Loose After 'Rushing,' Pistol-Whipping Hotel Guests In Linthicum: Police
  • Nearly 80 Newspapers Cancel Comic Strip Dilbert as Series Adopts More Anti-Woke Jokes
  • Deadline to claim part of Google’s $100million privacy settlement is TODAY – see if you qualify
  • Here's Time Frame For New Round Of Showers, Scattered Thunderstorms: Five-Day Forecast
  • ‘Company’ is coming to South Bay Musical Theatre
  • New York is now the nation's busiest port in historic re-routing of trade away from West Coast
  • Starboard snaps up a position in Wix, and building free cash flow may become a focal point
  • As California shifts to electric vehicles, daytime charging could help the power grid. Here’s why
  • Convertibles drive into the sunset as automakers invest in electric vehicles
  • New $2.1million Delage D12 Speedster hypercar has a jet-fighter cockpit and 1,100 horsepower
  • Britain's sudden lurch to 'Reaganomics' gets a thumbs down from the markets