Xiaomi may be preparing to take one of its biggest steps yet in the electric vehicle industry by moving into battery manufacturing, a strategy that could reduce its dependence on major suppliers like CATL and BYD.

CATL has launched a new generation of its flagship electric vehicle battery, promising a lighter design and a driving range of up to 1,000 kilometers on a single charge.

Shares of Contemporary Amperex Technology Co. Limited climbed on Thursday after the world’s largest electric-vehicle battery maker reported first-quarter profits that exceeded expectations and unveiled plans to expand into critical minerals.

CATL on Monday launched the second generation of its "Shenxing" fast-charging battery, which it said would power more than 67 new electric vehicle models this year, News.Az reports, citing Reuters.

Car giant Stellantis and Chinese manufacturer CATL said Tuesday they would build a $4.3-billion factory to make electric vehicle batteries in Spain, the latest bid to boost Europe's troubled EV drive.