Leading Chinese battery manufacturer CATL has launched a fast charging lithium iron phosphate battery which it claims is capable of achieving a range of 400 km on just a 10-minute charge.

Mass production of the new power unit is expected to commence before the year end, meaning it could feature on new models as early as the spring of 2024. 

Gao Han, chief technology officer of CATL's Electric Car Division said, "We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle." 

The battery is also said to be chargeable to 80% capacity in 30 minutes and can offer a total 700km range. 

CATL is a battery to supplier to Tesla, but has been losing ground to competitors in recent years. The company hopes the new battery can help it re-establish itself as a market leader.