China's CATL Unveils Groundbreaking Battery for Extended-Range Hybrids
CATL introduces Freevoy, the world's first hybrid battery with a range of over 400 kilometres. Chinese consumers are increasingly favouring EREVs due to their longer range and cost-effectiveness. EREV sales more than doubled in 2023, with Chinese brands launching over ten new models.
This move comes at a time when electrified vehicle sales in this category are growing the fastest of any segment.
The newly launched battery, named Freevoy, is billed as the world's first hybrid battery capable of travelling over 400 kilometres (249 miles) on a single charge. Gao Huan, the chief technology officer of CATL's Chinese electric vehicle business, announced this groundbreaking development at a press conference in Beijing.
Gao stated that Freevoy is already being used by several Chinese EV brands, including Li Auto, and will be integrated into models produced by industry giants such as Geely and Chery. According to Gao, approximately 30 extended-range hybrid models will be equipped with the CATL Freevoy battery.
Extended-range hybrids, also known as EREVs, have larger battery packs than other hybrid vehicles. These vehicles run primarily on electricity, with the petrol engine acting as a power source to recharge the batteries as needed.
The preference for EREVs among Chinese consumers is growing due to their longer driving range, which exceeds that of traditional EVs while also being less expensive than gasoline-powered vehicles. Sales of EREVs more than doubled in the first nine months of this year compared to the same period in 2023, with Chinese brands introducing over ten new models, including Stellantis-backed Leapmotor and Li Auto.
The increase in demand has prompted CATL to develop the Freevoy battery for domestic automakers and, potentially, international markets. Notably, as Gao points out, CATL has innovatively combined sodium-ion and lithium-ion batteries in the Freevoy battery, ensuring reliable performance even in extremely cold conditions.
Despite the challenges of a price war in the EV sector, CATL managed to increase its profit growth in Q3. CATL's competitive cost advantage and diverse client base have helped it solidify its position as a market leader in China, increasing its market share by 3.1 percentage points in the first nine months of the year, according to China Automotive Battery Innovation Alliance data.
In contrast, BYD, the second-ranked company that primarily supplies batteries for its own EVs, and CALB, in third place, saw their market shares decrease by 4.28 percentage points and 1.98 percentage points, respectively.
CATL introduces Freevoy, the world's first hybrid battery with a range exceeding 400 km.
Chinese consumers increasingly prefer EREVs for their extended range and cost-effectiveness.
Sales of EREVs have more than doubled in 2023, with over 10 new models launched by Chinese brands.
Source: REUTERS