SVOLT Energy to Cease European Operations Amidst Slow EV Market Growth

Chinese battery manufacturer SVOLT Energy has announced that it will cease operations in Europe, including its German subsidiary, effective January 31, 2025. This decision comes in response to the slower-than-expected growth of the European electric vehicle market. As a subsidiary of Great Wall Motor, SVOLT had high expectations for the region but has now decided to halt its activities due to the market’s underperformance.

SVOLT had planned significant investments in Europe, including a €2 billion factory in Saarland for battery modules and packs with a 24 GWh capacity, and a 16 GWh cell factory in Brandenburg, both scheduled to be operational by 2025. These projects are now on hold indefinitely. Moving forward, SVOLT will focus on technical services, warehousing, logistics, and after-sales services in Europe. Despite exiting production, the company remains interested in future opportunities and is open to re-evaluating strategic options for a potential return to the European market.

Comment below what you think about Europe’s e-mobility market growth for the next two years.

Get to the full article here: https://cnevpost.com/2024/10/27/svolt-confirms-will-end-operations-europe/

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