China Battery Chartbook July 2025 Eric Shen Goldman Sachs (Asia) L.L.C. +852-2978-7954 eric.shen@gs.com Trina Chen Goldman Sachs (Asia) L.L.C. +852-2978-2678 trina.chen@gs.com Qiying Wei Goldman Sachs (Asia) L.L.C. +852-2978-6426 qiying.wei@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report ...

Core Insights - CATL, the world's largest EV battery supplier, has announced a new battery that sets a global record for superfast charging technology, claiming its second-generation Shenxing battery can add 520 km (323 miles) of range in just five minutes of charging [1] Group 1: Product Announcement - CATL's new Shenxing battery is designed to significantly enhance the driving range of electric vehicles with minimal charging time, comparable to refueling gasoline cars [1] - The company made the announcement via WeChat, highlighting its commitment to innovation in battery technology [1] Group 2: Competitive Landscape - CATL's fast charging capabilities surpass those of BYD, which recently claimed its system could add 400 km of range in about five minutes, although some analysts expressed skepticism regarding BYD's claims due to potential technical and cost challenges [2] - Compared to Western competitors, CATL's charging speeds are also superior; Tesla's superchargers can add up to 270 kilometers in 15 minutes, while Mercedes-Benz can recharge up to 325 kilometers in 10 minutes [3]