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Xiaomi Auto to Use Batteries from CATL and BYD

Stock Markets Aug 17, 2022 03:28PM ET
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© Reuters. Xiaomi Auto to Use Batteries from CATL and BYD
 
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By Michael Elkins

Xiaomi Auto, a subsidiary of the Chinese consumer electronics brand that shares the same name, announced on Wednesday that the company has finalized two battery suppliers for its electric vehicles - CATL and FinDreams Battery.

CATL and FinDreams Battery, which is owned by BYD (OTC:BYDDY), are the top two battery suppliers in China. The blade battery is BYD’s main product, while the Kirin batteries are a third generation of CTP (Cell To Pack) introduced by CATL in June.

BYD’s blade battery was officially launched in 2020 and has been noted for its advantages in its high safety, long range, enduring longevity, ultra-strength, and high power. Those reasons are why the Blade battery has recently made its way into Tesla's (NASDAQ:TSLA) supply chain.

When the Kirin battery was first released, Li Xiang, CEO of Li Auto Inc (NASDAQ:LI), took the lead and announced on Weibo that the company would adopt the Kirin battery for its pure electric vehicles next year. Since then, Avatr, a joint venture of Changan and CATL, and Hozon Auto, were also announced to be the first batch of customers for the Kirin battery.

Xiaomi's (OTC:XIACY) (OTC:XIACF) version of the Kirin battery may be a little different than what is available to Avatr and Hozen. According to industry sources, Xiaomi’s Kirin battery will feature a customized charging rate and thermal management and might be referred to as the “Golden Kirin.”

Xiaomi’s auto project has been established for almost two years. Xiaomi CEO, Lei Jun gave a speech on August 11th saying that the company expects to have 600 staff by the end of the year and will invest $486.7 million in R&D during its first phase of developing autonomous driving.

Xiaomi Auto to Use Batteries from CATL and BYD
 

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