Zeng Yuqun, chairman of Contemporary Amperex Technology (CATL), China's largest automotive lithium-ion battery maker, said it plans to produce a power battery that lasts 16 years and 2 million kilometers (1.24 million miles).

He said the cost is not much higher than that of ordinary batteries, which are only about 10 percent more expensive than current batteries, according to Bloomberg.

From another perspective, the current driving life of vehicles is generally around a few hundred thousand kilometers, and rarely exceeds a million kilometers.

This means that if the battery is installed after the practical, even if the car is scrapped, the battery can still continue to use.

Zeng Yuqun said demand for electric vehicles will pick up in early 2021, although the outbreak of a novel coronavirus outbreak will significantly pull down sales for the year.

The demand for car purchases that was suppressed during the new coronavirus epidemic will be released from next year, especially for luxury models. Confident of long-term growth, CATL will therefore invest heavily in research and development into battery technology.

CATL has previously signed a two-year battery supply agreement with Tesla, which will be valid from July 1 this year until June 30, 2022.

CATL will also supply power batteries to BMW, Audi, Porsche and other well-known global automakers.