In a significant breakthrough for the electric vehicle (EV) industry, Chinese battery giant Contemporary Amperex Technology Co. Limited (CATL) has unveiled a new battery technology that promises to reshape the competitive landscape of the global EV market.

The company’s latest innovation, called the “Shenxing Plus” battery, can reportedly charge to 80% capacity in just 10 minutes and offers a range of up to 400 kilometers (249 miles) on a mere five-minute charge, according to reporting from Quartz. This represents a substantial leap forward in addressing one of the most persistent consumer concerns about EVs: charging time.

“This breakthrough puts CATL firmly at the forefront of battery technology,” said Tu Le, managing director of Sino Auto Insights, as quoted by The Independent. “The ability to charge so quickly fundamentally changes the conversation around EV adoption.”

CATL’s announcement sent its stock price surging by more than 6% on the Shenzhen Stock Exchange, reflecting investor confidence in the technology’s market potential.

The development comes amid intensifying global competition in EV battery innovation. Ford recently announced its own battery breakthrough with LMR (lithium-metal-rock) technology, which the automaker claims will increase energy density by 25% compared to current lithium-ion batteries, according to USA Today.

“What we’re seeing is a rapid acceleration in battery technology development,” said Sam Abuelsamid, principal analyst at Guidehouse Insights, in an interview with Motor Trend. “The industry is moving much faster than predicted even five years ago.”

Data from the EV battery sector reveals remarkable progress across multiple fronts. According to Transport and Energy, the energy density of EV batteries has improved by approximately 7% annually over the past decade, while production costs have fallen by more than 85% since 2010.

The EV Report notes that newer electric vehicles are also demonstrating significantly improved battery health metrics. “Modern EVs are showing battery degradation rates of less than 2.3% per year, compared to 4-5% in earlier models,” the publication states.

These advances are particularly significant for Chinese manufacturers, who are leveraging new battery chemistries to gain competitive advantages. Energy Tech reports that CATL’s work with sodium-ion batteries and other alternative chemistries is helping Chinese automakers reduce costs while maintaining performance.

“CATL’s strategy of diversifying battery chemistries allows them to optimize for different vehicle segments and use cases,” explained Shaun Rein, founder of the China Market Research Group, as quoted by Energy Tech.

The implications of these battery improvements extend beyond just faster charging times. They potentially address range anxiety, reduce vehicle costs, and extend battery lifespans—all critical factors for mass EV adoption.

However, challenges remain. Battery supply chains continue to face scrutiny over environmental impacts and geopolitical concerns, with China controlling much of the critical mineral processing capacity needed for battery production.

As traditional automakers and new entrants alike race to capitalize on these technological advances, consumers stand to benefit from a new generation of electric vehicles that increasingly match or exceed the convenience of internal combustion engines—potentially accelerating the global transition to electric mobility.