Chinese language automotive battery maker eyes 2-bn-euro base in Germany

Chinese car battery maker eyes 2-bn-euro base in Germany

Chinese electric car battery maker Svolt announced Tuesday that it will be spending up to € 2 billion on building a base in Germany to join a race of Asian companies joining the fast-growing European electric mobility market.

The company, a spin-off from the Chinese automotive giant Great Wall Motors, said it had invested the equivalent of $ 2.3 billion in building two factories in western Saarland by the end of 2023 to create 2,000 jobs.

Svolt announced last year that it was looking for a European production facility to strengthen ties with European car manufacturers.

According to Yang Hongxin, head of Svolt, the move is aimed at “the European automotive industry and the growing market for renewable energies”.

Saarland was chosen because “it is not only in the heart of Europe, but also represents a region of innovation and technology for the automotive industry,” he said.

The factories will produce batteries with a total output of 24 gigawatt hours (GWh) per year – enough for 300,000 to 500,000 electric vehicles.

Given the increasing global demand for electric cars, it is expected that Volkswagen alone will need more than 150 GWh per year by 2025.

Only a few European car manufacturers have taken the enormous financial risk of setting up their own production of lithium-ion batteries.

Rather, they prefer to outsource the battery work to specialized suppliers.

Asian manufacturers in particular have built up capacities in Europe. The Chinese market leader CATL is building a plant in Erfurt that will initially supply BMW.

Germany and France are planning an “Airbus of Batteries” against Asian competitors with planned investments of between five and six billion euros, of which four billion will come from the private sector.

fec / hmn / rl





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