SVOLT Energy Technology, a Chinese battery manufacturer spun off from automaker Great Wall Motor, has decided to halt its plans to build a battery cell plant in Lauchhammer, Brandenburg, Germany. The decision comes in light of the 'new European strategy' and the cancellation of a significant order from BMW. This move is part of a broader trend among Chinese battery makers, who are scaling back their expansion plans in Germany due to cooling electric vehicle (EV) demand. The reduction in investment follows Germany's decision to discontinue subsidies for EV purchases. Additionally, Goldman Sachs Research has noted that hybrid vehicles are proving more competitive than initially expected, contributing to the slowdown in EV sales.
Chinese companies producing batteries are reducing their expansion plans in Germany due to a decrease in electric vehicle sales. The cutback in investment comes after Germany decided to discontinue subsidies for electric vehicle purchases. @OilandEnergy
Chinese companies producing batteries are reducing their expansion plans in Germany due to a decrease in electric vehicle sales. The cutback in investment comes after Germany decided to discontinue subsidies for electric vehicle purchases. https://t.co/eHFBRiD26z
EV sales are slowing and hybrids proving more competitive than first thought. Read more about why Goldman Sachs Research thinks its bear-case for EV sales has become more likely. https://t.co/WTItAIMNq5 https://t.co/5MP0dcM3LU
Chinese Battery Makers Back Out Of Germany Amidst Cooling EV Demand https://t.co/xIUylQReH0
π¨π³ SVOLT Energy Technology, spun off π¨π³ automaker Great Wall Motor, would halt plans to build a battery cell plant in Lauchhammer in eastern Germany's Brandenburg state, citing the "new European strategy" and the cancellation of a large order from BMW. SVOLT also cast doubt onβ¦ https://t.co/tJaSFRoCgQ