Battery Maker Svolt In Talks To Raise $462-$770 Million: Report

0
159
  • SVOLT, which is making EV batteries in China’s eastern city of Changzhou and Wuxi, will have a global production capacity of battery cells of around 200-gigawatt hours (GWh) in 2025
  • The company is also building a battery factory in Germany

SVOLT, an electric vehicle (EV) battery maker linked to China’s Great Wall Motor, is in talks with potential investors to raise 3-5 billion yuan ($462-$770 million), its chairman Yang Hongxin told Reuters. The report added that SVOLT, which is making EV batteries in China’s eastern city of Changzhou and Wuxi, will have a global production capacity of battery cells of around 200-gigawatt hours (GWh) in 2025.

Factory to make cylindrical battery cells for mobility business including electric bikes

The company is also building a battery factory in Germany. The chairman added that SVOLT has also acquired a factory to make cylindrical battery cells for mobility business including electric bikes.

EV battery makers in China, including CATL and BYD, have been growing in recent years thanks to booming EV sales in the world’s biggest auto market.

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *