The new battery, named Shexing, is expected to be mass-produced from the end of the year and reach market in the first quarter of 2024, according to the Chinese firm. It currently supplies batteries for Tesla, Toyota and VW. 

The company said the battery will “open a new era of electric vehicle (EV) superfast charging”. 

The lithium iron phosphate (LFP) battery is reportedly capable of running 400km (248 miles) on a 10-minute charge. It is also said to have a range of over 700km (435 miles) on a single full charge. 

This would allow EV users to go 60 per cent further than the average EV in 2023.

“We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every EV,” said Gao Huan, CTO of CATL’s China e-car business. 

The company said the increase in battery capacity and charge time was achieved through a “brand-new superconducting electrolyte formula” that results in improved conductivity...