Chinese battery manufacturer SVOLT Energy has confirmed that it will cease operations in Europe. The decision affects the European company and its German subsidiary and will take effect on 31 January 2025. The subsidiary of Chinese carmaker Great Wall Motor cited the unexpected development of the European electric vehicle market, which has fallen short of market players’ expectations.
Investment Freeze and Restructuring
SVOLT had previously made significant investments in the European market, including planned production facilities in Germany. A factory for battery modules and packs with a capacity of 24 GWh and an investment volume of around €2 billion was planned in Saarland, while a cell factory with a capacity of 16 GWh was to be built in Brandenburg. Both projects were due to be operational by 2025, but have now been put on hold without any further timetable.
In Europe, SVOLT will now focus on technical services, warehousing, logistics and after-sales services. Despite the withdrawal from production, the company has signalled its interest in long-term opportunities in the European market and intends to evaluate strategic options for a possible re-entry.
Source:
https://cnevpost.com/2024/10/27/svolt-confirms-will-end-operations-europe/
