The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Chinese battery giant CATL launched its first battery specifically designed for extended-range hybrids (EREVs) on Thursday, capitalizing on the fastest-growing segment in the electrified vehicle market. The new battery, called Freevoy, is the world's first hybrid battery with a range exceeding 400km (249 miles), according to Gao Huan, Chief Technology Officer for CATL’s electric vehicle business in China.
The Freevoy battery is already being used by several Chinese EV brands, including Li Auto, and will soon be installed in models from Geely and Chery. In total, nearly 30 hybrid models are expected to feature the Freevoy battery.
EREVs feature larger battery packs than typical hybrids and can run solely on electricity, with a gasoline engine acting as a power source to recharge the batteries when they run low. These vehicles offer longer ranges than full EVs and are often priced lower than traditional gasoline cars, making them increasingly popular among Chinese consumers.
EREV sales have more than doubled in the first nine months of 2024 compared to the same period in 2023, driven by the launch of new models from brands like Leapmotor and Li Auto.
The Freevoy battery also features sodium-ion and lithium-ion technology to ensure reliable performance even in extreme cold temperatures, according to Gao. CATL's advancements come as the company strengthens its market leadership amid an ongoing price war in the EV sector. CATL increased its market share by 3.1 percentage points in the first nine months of the year, solidifying its dominance over competitors like BYD and CALB.
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