CATL warns investors its expansion plans may not keep up with demand and that advanced solid-state batteries won't be commercially available until 2035 -- at the earliest.
batteries, and hydrogen fuel cells, along with the risks that each could pose to its operations and capacity expansion. Solid-state batteries and hydrogen fuel cells have certain technical features and advantages, but there are still unresolved technical problems and barriers to mass production, the company said.
The announcement cited a previous speech by Ouyang Minggao, an academician at the Chinese Academy of Sciences, who said it would take about 10 years for solid-state battery technology to achieve large scale application and have a significant impact on the market landscape. Looking at future capacity demand and the company’s existing capacity, the company told the Shenzen Stock Exchange it will have a capacity gap of about 430 GWh in 2025 unless it adds manufacturing capacity. “The company’s capital raise will be used to add lithium ion battery capacity of approximately 135 GWh, which is consistent with business development needs,” it said. Even at that, the company will still have a capacity gap of 295 GWh in 2025.
William Li, NIO founder, chairman, and CEO, clarified in an interview after NIO Day 2020 that the NIO ET7’s solid-state battery is more accurately described as a semi-solid-state battery. Investors close to NIO say the company began preparing a 150 kWh semi-solid-state battery pack project in 2019 and first turned to CATL for a solution.
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