Headline: CATL Unveils New Battery for Long-Range Hybrids

Chinese battery giant CATL has launched its first battery product focused on long-range hybrids. According to CATL's Chief Technology Officer Gao Huan, the battery, known as Freevoy, is the world's first hybrid battery with a range exceeding 400 km. At a press conference in Beijing, Gao stated that Freevoy is used by various Chinese electric vehicle brands, including Li Auto (NASDAQ:LI), and will be installed in models produced by industry giants such as Geely and Chery. Gao emphasized that around 30 extended-range hybrid models will be equipped with the CATL Freevoy battery.

An extended-range electric vehicle (EREV) features a larger battery pack than other hybrid vehicles and operates solely on electricity; its gasoline engine acts as a power bank to recharge the batteries when they deplete. More Chinese consumers prefer EREVs as they offer longer driving ranges than electric vehicles and can be more cost-effective than gasoline-powered cars. EREV sales more than doubled in the first nine months of this year compared to the same period in 2023. More than 10 new models have been launched this year by Chinese brands, including Stellantis-backed Leapmotor and Li Auto.