Chinese EV battery company SVOLT Energy Technology Co officially announced its European expansion plans as it aims to erect five production plants in the region, Bloomberg reports on April 13.
Per SVOLT Europe head Kai-Uwe Wollenhaupt, the Chinese battery maker aims to hit at least a 50 GWh production rate by 2030.
Potential locations
SVOLT is reportedly eyeing potential sites in eastern, northern, and western Europe. Interestingly, one of the sites will have a range of 20 gigawatts.
In hindsight, SVOLT announced plans to construct a new cell manufacturing plant in Brandenburg, Germany, in 2022, which also homes to one of Tesla’s Gigafactories. On top of that, the company also intends to launch a new plant in Saarland.
Furthermore, the report indicated that SVOLT is currently pursuing deals with some European automakers regarding batter supply.
Interestingly, Asian battery makers dominate the European market. Per the data, Asian companies will likely account for 44% of Europe’s projected battery capacity by 2030. In fact, Chinese power battery behemoth CATL is anticipated to dominate the market.
