Chinese smartphone giant Xiaomi unveiled its first electric vehicle model, the SU7, at a launch event in Beijing on March 28. Priced starting at CNY 215,900, it undercuts the price of the Tesla Model 3 in China. Xiaomi emphasized that the SU7, a four-door electric sedan, boasts impressive specs. The top-of-the-line Xiaomi SU7 Max has a top speed of 265 km/h and can accelerate from 0 to 100 km/h in just 2.78s. It offers a range of up to 810 km on a single charge. These features are rare even among high-end electric vehicles.
All of this revolves around the “heart” of new energy vehicles - the power battery. Xiaomi SU7 Pro and Max variants are powered by CATL’s Shenxing Battery and Qilin Battery, boasting a CLTC range of 830 km and 800 km respectively, with compatibility rates with third-party charging stations exceeding 99%. Xiaomi claimed their batteries will provide a minimum range of 700km and planned to introduce a larger 150 kWh battery pack next year, promising a driving range of 1,200 km. Furthermore, the SU7 supports ultra-fast charging thanks to its 486V and 871V architectures, enabling a range of up to 350 km on the base model and 510 km on the top-end Max model with just a 15-minute charge, respectively.
These battery packs represent another breakthrough in wet cell battery. Wet cell battery technology involves using wet-chemical synthesis techniques during the production of the battery’s positive electrode material, with one crucial solvent being NMP. Currently, over 90% of NMP sales are related to power batteries, closely tying the NMP market to the electric vehicle market. With the implementation of Paris Agreement and a rapid rise in EV consumption, particularly with China’s legal promotion of its “dual-carbon” goals, Chinese new energy industry has seen substantial support. On the surface, the better the prospects of the EV market, the higher the prosperity of the NMP industry.
However, wet cell batteries face inherent application limits, with challenges such as thermal runaway and short lifespans persistently troubling researchers. Solid-state batteries represent a new research direction. Compared to traditional liquid batteries, solid-state batteries offer higher energy density, better safety, and longer cycle life. The rise of this technology may reshape the entire battery industry chain. With the emergence of solid-state batteries, the development of positive electrode materials urgently needs to improve energy density and cycle life while lowering costs, prompting discussions on dry battery electrode.
Traditional lithium-ion battery electrodes are often manufactured via wet coating processes, but dry electrode technology can completely eliminate solvents, providing a more eco-friendly and simplified energy storage solution, potentially becoming a key technology in solid-state battery development. Once the domino effect of battery technology innovation is set in motion, the NMP industry chain, heavily reliant on the demands generated by wet cell battery technology, will undoubtedly experience significant impacts. Currently, NMP suppliers are actively seeking breakthroughs, with major ones deeply engaging downstream essential customers to secure orders and maintain stable business growth.
While crises may be inevitable in the long term, a global solid-state battery technology revolution is estimated to be fully rolled out by around 2028. Within the next 3-5 years, NMP still holds continued development opportunities.
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