Russian President Vladimir Putin (L), Chinese President Xi Jinping (2nd R) and Mongolian President Ukhnagiin Khurelsukh (not seen) get together for a trilateral meeting in Beijing, China on September 2, 2025.
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Russia and China on Tuesday signed a legally binding deal to build the long-delayed Power of Siberia 2 gas pipeline, deepening commercial ties in what is likely to be seen as a defiant signal to the West.
Alexei Miller, the chief executive of Russia’s state-owned energy giant Gazprom, told Russian news agencies that a memorandum of understanding had been signed on the construction of the new gas pipeline, following talks between Russian President Vladimir Putin and China’s Xi Jinping in Beijing.
The pipeline, which is set to transit gas reserves in Russia’s West Siberia to northern China via eastern Mongolia, will make it possible to supply 50 billion cubic meters (bcm) of gas per year, Miller said, according to Russia’s Interfax news agency.
Supplies under the new Power of Siberia 2 agreement will run for 30 years.
The price of the gas via the new pipeline will be agreed on separately, Miller said. The two countries also signed a separate agreement for Gazprom to boost gas supplies to China through the existing Power of Siberia pipeline.
A Gazprom spokesperson was not immediately available to comment when contacted by CNBC. Beijing has not yet confirmed Miller’s announcement, although state news agency Xinhua reported that the two countries signed more than 20 cooperation agreements, with energy deals among them.
Russia’s gas exports to Europe have collapsed since Moscow’s full-scale of invasion of Ukraine in early 2022. The West has imposed punitive economic sanctions on the Kremlin and reduced dependency on Russian energy, seeking to cut off a major source of revenues funding Putin’s war machine.
The European Union, for example, introduced measures to stop the import of Russian gas and oil by the end of 2027, while the U.S. imposed a ban on the import of Russian fossil fuels in March 2022.
The measures have injected fresh urgency into Moscow’s years-long push to build the Power of Siberia 2 gas pipeline. As a result, Russia has been trying to pivot to Beijing to replace Europe as its major gas customer.
A new multipolar order
Christopher Granville, managing director at TS Lombard, said that while the significance of the Power of Siberia 2 gas pipeline agreement is “somewhat limited,” it should not be dismissed as a “nothing burger” either.
“For the past decade, Gazprom has been pushing China to give the go-ahead for Power of Siberia-2, only to be met – until now – with positive but non-committal noises. So today’s signing of a MOU is a step forward for Gazprom,” Granville told CNBC by email.
“The fact that this has happened against the background of the fraught Ukraine war endgame, is a clear enough signal of China’s steady strategic backing for Russia as the lynchpin of the new multipolar order to which both these core Eurasian powers aspire,” Granville said.
Russian President Vladimir Putin greets Mongolian President Ukhnaa Khurelsukh prior to a trilateral meeting with Chinese President Xi Jinping (not pictured) at the Great Hall of the People on September 2, 2025 in Beijing, China.
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It is a long way, however, from an MOU to a Final Investment Decision. The equivalent MOU-style agreement in principle on the original Power of Siberia pipeline was struck in the mid-2000s, Granville said, noting that a definitive pricing agreement was not agreed until 2014.
Russia and China have sought to showcase a new global security and economic order at the annual Shanghai Cooperation Organization (SCO) summit.
In a thinly veiled swipe at U.S. President Donald Trump‘s administration, China’s Xi said in his opening speech on Monday that the world had entered “a new phase of turbulence” with global governance at a “new crossroads.”
‘Trump Always Chickens Out’
Timothy Ash, an associate fellow in the Russia and Eurasia program at Chatham House, said China has been “playing very hard” to get the Power of Siberia 2 gas pipeline deal over the line.
That’s partly because of Russia’s urgency to sign an agreement given the loss of more than 120 bcm in gas exports to Europe, Ash said, and perhaps because Beijing had previously been “mindful of not annoying” the Biden administration by going all out in support of Putin.
U.S. President Donald Trump in the Cabinet Room of the White House on Aug. 26, 2025 in Washington, D.C.
Chip Somodevilla | Getty Images
“But now I think likely the Chinese got a better deal, in terms of the pricing, and perhaps are now more willing to fund the construction,” Ash told CNBC by email.
“I think Xi has figured out TACO and that only by adopting a strong, tough stance towards the US, will the US actually back down,” Ash said. The TACO acronym refers to “Trump Always Chickens Out,” a term to describe the back-and-forth nature of the president’s tariff policies.
“I think this SCO has all been about presenting a United front to the US, that the Global South will not back down in response to US pressure,” he added.
Save space and gain utility in your commute with Aventon’s Sinch 2 folding e-bike while at its $1,399 low
As part of its ongoing Labor Day Sale running through September 3, Aventon is still offering folks the chance to hop aboard its Sinch 2 Folding e-bike at $1,399 shipped. Missing out on this deal means you’ll likely be paying $1,699 when it reverts to its full price, which we’ve mostly seen dropping to $1,499 over the last year, though its been more regularly falling back to the $1,399 low since the launch of its upgraded Sinch 2.5 descendant. You’re looking at a $300 markdown while the sale lasts, giving you another opportunity to score the brand’s most popular space-saving model at the best tracked price.
As the name implies, Aventon’s Sinch 2 e-bike is the brand’s second-generation evolution of its space-saving folding legacy commuter, which is a handy convenience for folks that have limited storage space. It’s been given a 500W rear hub motor (that peaks at 1,056Wh) paired with a 672Wh battery to provide you with up to 55 miles of pedal-assisted travel (four levels supported by a torque sensor) at up to 20 MPH top speeds.
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There’s added utility alongside commuting needs with its stock features, which include a rear cargo rack for grocery and errand running, as well as the integrated front and rear lighting that sport turn signal functionality, an 8-speed derailleur, fenders to go over both 20 by 4-inch tires, an LCD smart “easy read” display, and more.
Bring home Autel’s MaxiCharger 40A level 2 EV charging station that comes with an RFID security card for $399
Through its official Amazon storefront, Autel is offering its MaxiCharger 40A Level 2 EV Charger at $399 shipped in black or white colorways. This at-home charging station usually fetches $470 at full price, though we’ve regularly been seeing it drop to $399 for Prime members, with today’s deal opening up to non-members, as well. While we have seen it fall to $373 (back during October’s Prime Day event) and the one-time $352 low during Memorial Day sales, you’re still looking at a solid $71 markdown that lands it at the third-lowest overall price we have tracked and the second-best price of 2025.
Make up to 300 cuts with EGO’s 56V 18-inch cordless chainsaw and a 5.0Ah battery at a new $249 low
Amazon is now offering its best rate yet on the EGO Power+ 56V 18-inch Cordless Chainsaw with 5.0Ah battery at $249 shipped. This cordless tool usually fetches $399 outside of discounts, which we’ve seen go as low as $300, though that rate hasn’t reappeared since first popping up in the October 2024 Prime Day event. In 2025 things have only dropped between $349 and $329 regularly and as low as $320 during July’s Prime Day event, with the deal we’re seeing here today coming in as a larger-than-ever 38% markdown that slashes $150 off the going rate for the lowest price we have tracked.
Keep up to five devices running with UGREEN’s Nexode 48,000mAh 300W power bank at $102 + more
By way of its official Amazon storefront, UGREEN is offering its Nexode 48,000mAh Portable Charger/Power Bank Station at $101.99 shipped. You’d normally have to pay $170 for this larger charging solution at full price, though Prime members have been getting the opportunity to grab it at $120 and $113 rates over the last few months, alongside occasional dips lower to $107 and $102 – the latter of which is what we saw it priced at for July’s Prime Day event. You’re looking at a 40% markdown here, which cuts $68 off the going rate for the second-best price we have tracked – just $2 above the one-time low we saw at the end of March.
Through the rest of the day you can score Fremo’s 6.2-pound TP300 power station at a new $150 low
As part of its Deals of the Day, Best Buy is offering the Fremo TP300 Portable Power Station at $149.99 shipped. This unit normally goes for $270 at full price, which is similar to what you’d be paying for Bluetti’s latest Elite 30 V2 power station that currently goes for $299 for non-Prime members. Over the year, we’ve seen discounts take the costs down as low as $160, primarily in these one-day-only Best Buy sales. You’re looking at a larger-than-ever 44% markdown for the rest of the day, giving you $120 in savings on a compact backup power solution as it lands at a new all-time low price.
Navee GT3 Max Smart Electric Scooter (code SCHOOL15): $561 (Reg. $750)
Best new Green Deals landing this week
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
Tesla’s sales have surged to unprecedented levels in Turkey, where the American automaker delivered nearly as many vehicles last month as it did across the entire European market.
It occurred because Tesla managed to take advantage of a loophole that has now been patched.
Turkey has a consumption tax rate (ÖTV) that varies depending on the type of car.
Earlier this year, they reduced the tax rate to 10% for EVs with a power output of less than 160 kW.
The American automaker software-locked the base Model Y RWD to just 160 kW of power to qualify for the lower tax rate. This significantly reduced the price and resulted in a surge of orders.
Tesla delivered 8,730 Model Y vehicles in Turkey in August, which was roughly equivalent to the total it delivered in a whole previous year in the country and comparable to about Tesla’s entire sales in Europe last month, following an approximately 40% decrease in sales.
Year-to-date, Tesla’s sales have now surpassed both previous full years combined:
However, Turkey has now patched the loophole. In July, the government announced that it would raise the base tax rate to 25% by the end of the month, but buyers could still take advantage of the tax rate if they had an invoice before then.
This resulted in a surge in demand for Tesla vehicles in Turkey, as evident in the August delivery results.
The demand was pulled forward, and Tesla is likely going to see sales slow down for the rest of the year.
That said, Tesla should still see demand settle higher than in previous years, as the OTV previously was as high as 60%.
Electrek’s Take
There has always been a strong demand for Tesla and electric vehicles in Turkey.
Back before Tesla officially entered the market, local EV enthusiasts were privately importing Tesla vehicles.
In the picture above, local early Tesla adopters in Turkey were begging the automaker to establish local service and Superchargers to support the community.
I believe there’s strong demand for Tesla vehicles in Turkey, but this specific surge is due to Tesla finding a loophole in the tax incentive, and the loophole has now been patched.
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The Kia vehicles we see on the road today are a drastic upgrade from its older models. After a major rebrand, including a new logo, name, and a bunch of sleek EVs, Kia is winning over buyers.
Kia revamps the brand with new EVs, designs, and more
It’s no longer Kia Motors. Now, it’s just Kia. The South Korean automaker rebranded in 2021 with a new name, logo, and stylish new vehicle designs. However, the new “Kia” is much more than just an updated logo.
Kia is transitioning from just another traditional automaker to a full-on mobility company. The South Korean automaker introduced a series of new low-cost electric vehicles that are already winning over buyers in nearly every pocket of the globe.
After selling nearly 254,000 vehicles globally last month, Kia said the “robust sales” were driven by steady demand for new EVs and hybrids.
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After delivering the first models in late 2024, the Kia EV3 has quickly become a top-selling EV in several markets. In the first half of 2025, it was the most popular retail EV in the UK and ranked sixth in all of Europe.
Kia EV6 (right), EV3 (middle), and EV9 (right) Source: Kia
With the new EV4, EV5, and PV5 launching in new markets, Kia expects the run to gain momentum going into the end of the year.
Kia opened orders for the PV5, its first electric van, and EV4, its first EV sedan and hatchback, earlier this year. On Monday, it announced prices for the EV5, its Sportage-sized electric SUV, will start at £39,295 ($53,000) in the UK.
Kia EV4 models during safety testing in Europe (Source: Kia UK)
The Sportage is Kia’s global, European, and UK-wide best-selling vehicle, so many see the EV5 being what could be the brand’s biggest hit yet.
It’s already helped turn around Kia’s business in China. As it arrives in new markets, the EV5 is expected to be Kia’s top-selling EV in many of them, including Canada.
Kia EV5 (Source: Kia)
Kia is already coming off back-to-back annual sales records in Canada, but with new EVs launching, including the EV5, it expects to top it next year.
Although it has four new electric vehicles on deck, Elias El-Achhab, the vice president and chief operating officer of Kia Canada, said (via The Star), “the EV5 is the one we’re most excited about.” The compact SUV segment accounts for over one-third of all cars sold in Canada, making the EV5 a cornerstone of Kia’s growth plans.
Kia EV5 interior (Source: Kia UK)
The electric SUV will be exclusively sold in Canada in the North American market, not the US. Since it’s imported from Korea, Kia would take a significant hit from Trump’s auto tariffs if it were to sell it in the US.
In Canada, Kia expects it “to be our largest volume EV next year, and eventually our number one volume vehicle,” El-Achhab said.
Although prices have yet to be revealed, El-Achhab promises the EV5 will be “priced comparably to many of its combustion-engine equivalents but will be better equipped.”
When asked about rising car costs due to the tariffs, El-Achhab explained that “the volatility isn’t good for anyone,” but Kia is flexible enough to adjust its production accordingly. Even if Kia gets a bigger piece of the sales pie, “the pie will shrink, debt levels will go up,” Kia Canada’s vice president added, “We’d prefer not having to face that situation.”
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