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China's CATL (300750.SZ) on Thursday became the first major automotive battery maker to unveil a sodium-ion battery, saying it planned to set up a supply chain for the new technology in 2023.

As electric vehicles become increasingly popular, demand for key battery ingredients, particularly cobalt, has spiked. That has spurred car and battery makers to seek alternatives to the current three main technologies - nickel-cobalt-aluminium (NCA), nickel-cobalt-manganese (NCM) and lithium iron phosphate (LFP) batteries.

The sodium-ion batteries do not contain lithium, cobalt or nickel.

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