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.