SVOLT aims to make battery cells in Europe
SVOLT Energy Technology, which was carved out of China's Great Wall Motor, is aiming to start production of battery cells in Europe in early 2023, an executive said during the Frankfurt car show.
Site selection for the plant, with a targeted investment of over 2 billion euros will be completed by the end of the year, Jeffrey Yambrick, vice president of international marketing and sales at SVOLT, said. Germany is of particular interest to the group, general manager Hongxin Yang told Reuters on the sidelines of the show, adding SVOLT was in constructive talks with the German government as well as several federal states.
SVOLT is looking at five different locations in Europe, Yang said, adding the group was talking to multiple European carmakers about supply contracts, with the first deals to be struck in 2020. «With some OEMs we've come very far in our talks, with some we're in the early stages» Yang said.
SVOLT was actively seeking partnerships to get its European factory off the ground, and was not entering the market as a standalone activity said Kai-Uwe Wollenhaupt, president of SVOLT Europe.
The European plant, announced earlier this year, will ramp up annual production to 24 gigawatt hours by 2025, Yang said.
The group also pointed to eastern Europe as a possible location for the plant.