2 weeks Ago
China’s Svolt Energy is suspending two battery factory projects in Germany, and the future of its overall Europe operations is also in doubt, media reports say. The battery maker will reportedly end the commercial operations of its European company and its German subsidiary. The decision will take effect on January 31, 2025, the company told media outlet Yicai .
Svolt, a spin-off of Chinese automaker Great Wall Motor, had planned to build a battery module and pack plant in Saarland and a cell plant in Brandenburg, both in Germany. The company said that for reasons beyond its control, the development of the European EV market had failed to meet the expectations of all stakeholders, compelling it to make that difficult decision, according to a report by CnEVPost . Media outlet Caixin reports that Svolt is already struggling to operate in its home market of China, and can’t afford to handle its overseas factories.
The 24 GWh pack project was announced in November 2020 and due to be completed this year, with a planned investment of USD 2.2 billion. Earlier this year, reports emerged that the firm had abandoned plans for the Brandenburg expansion.
Last year, it had announced it was considering a new battery factory in Finland..
