Perhaps for Chinese manufacturers of electric cars and batteries, the European market at some point seemed like Alaska during the gold rush, but nothing like that. At least for now. Chinese electric vehicle battery maker SVOLT has announced that it will close its European branch in January and abandon plans for two production facilities.
The reason is the fact that there is no great demand for electric vehicles. Also, a trade war between the EU and China is on the horizon, so it is not an ideal climate for business development, he says HAK magazine.
With this move, the two planned factories in Germany, for the assembly of modules and batteries, as well as the factory for the production of cells, are canceled. Production was planned to start in 2025, and the investment value was two billion euros.
SVOLT is the eighth largest battery manufacturer in China and so far it is not doing too well there either. The Chinese manufacturer supplies batteries for the Citroen e-C3, and BMW was also mentioned as a potential partner.
Source: Revijahak.hr
Photo: SVOLT
Source: autoblog.rs
