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China's SVOLT targets European battery cell production in 2023

Kitco News

FRANKFURT (Reuters) - SVOLT Energy Technology, which was carved out of China’s Great Wall Motor Co (601633.SS), said it is aiming to start production of battery cells in Europe in early 2023, an executive said during the Frankfurt car show.

Site selection “will be completed by the end of the year”, which will swallow an investment of more than 2 billion euros ($2.2 billion), Jeffrey Yambrick, vice president of international marketing and sales at SVOLT, said on Tuesday.

Reporting by Christoph Steitz; Editing by Thomas Seythal

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