China has announced plans to invest $845 million USD to develop next-generation battery technology for electric vehicles.
This investment will involve 6 companies, including CATL, BYD, and Geely, in the development of all-solid-state batteries (ASSBs). All-solid-state batteries are a type of battery technology designed to replace the liquid electrolyte in traditional lithium-ion batteries with a solid material.
The report also mentions that the project will be led by relevant government ministries and commissions, and the new technology is expected to be safer and more efficient than traditional lithium-ion batteries.
