We are likely in the incremental phase of battery innovation.
You've got to balance so many factors to commercially release a battery: safety, durability, reliability, weight, energy density, cost. You can build cheap batteries, they just have some terrible characteristics.
That was CATL's other announcement, two years ago: sodium-ion batteries. Now being incorporated into a model of car by Chery, one of the second tier Chinese EV manufacturers, and another by BYD, the biggest.
You've got to balance so many factors to commercially release a battery: safety, durability, reliability, weight, energy density, cost. You can build cheap batteries, they just have some terrible characteristics.