Great Wall’s SVOLT to build 2 billion euro Battery Plants Germany
Chinese battery maker Svolt Energy Technology is planning to spend 2 billion euros ($2.37 billion) to build two plants in Germany to explore the fast-growing electric vehicle market in Europe.
Svolt, a spin-off from China’s Great Wall Motors, said it will build a module and pack factory as well as a cell factory with a 24 GWh production capacity in Saarland in the west of the country.
The cell factory will be able to produce batteries for 300,000 to 500,000 vehicles a year, Svolt said in a statement.
The two plants are expected to start operation from mid-2022 and late 2023, respectively, employing roughly 2,000 people.
Yang Hongxin, president of Svolt, said: “For Svolt as a global high-tech company for electromobility, the European automotive industry and the growing market for renewable energies are of great strategic importance.” Demand for electric vehicles is growing fast in Europe. Statistics show that over 400,000 new energy vehicles were sold in the first half of 2020, overtaking China as the largest market for such vehicles. Tobias Hans, prime minister of the state of Saarland in Germany, said: “The car is one of the central pillars of Saarland as an industrial location. “We want to be at the forefront of the… Read more »