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SVOLT Energy Technology Plans 2 Billion Euros Production in Europe

Chinese Battery Manufacturer SVOLT Energy Technology – a spin-off from the Chinese car giant Great Wall – is planning its first abroad stationed manufacturing facility in Europe. It has not yet been decided which country will receive the contract for the production with a capacity of initially 20. The investment will be around two billion Euros, said Svolt CEO Yang Hongxin this Tuesday. Another four locations worldwide – including one in the US – are currently being considered. The plan is to reach a global battery production capacity of 100 GWh by 2025.

The first purchaser in Europe will be Great Wall Motor, China's largest SUV producer. SVOLT is also in negotiations to supply "German and French automakers," said SVOLT manager Cao Fubiao.

Asian battery manufacturers are increasingly intensifying their cooperation with European auto companies. A year ago, BMW set up a joint venture with Great Wall for e-cars in China.

SVOLT announced that it was making good progress in the development of a cobalt-free lithium-ion battery. Suppliers of electric car manufacturers are trying to replace the metal because its scarcity makes it very expensive.

Source: Reuters |

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