Elon Musk is known for disrupting the markets that he enters. His romance with Electric Vehicles is benefiting EV and Battery industries across the world. The latest buzz is that Musk is collaborating with Zeng Yuqun to make cost effective and long lasting batteries.
Zeng Yukun, 52, is the founder and chairman of CATL. Yukun has an inspiring history. He started his career with a modest job of 30 dollars a month. Today, CATL has become the largest global producer of rechargeable cells for electric vehicles in less than a decade. CATL has earned a reputation for making durable, highly cost-effective batteries and previously helped Apple Inc. extend the battery life of its Mac Book laptops.
In this strategic partnership, CATL will supply Tesla with lithium-iron-phosphate(LFP) batteries that cost about 20% less than other common types of battery packs, according to BloombergNEF. How Tesla cars will do in the Chinese market is something to look forward to.