Energy & Science
Chinese Battery Maker Plans $2.4 Billion Factory in Germany
- Company spun off by Great Wall will start production in 2023
- Subsidies stoke sales growth and spur a series of big projects
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China’s SVolt Energy Technology Co. plans to invest about 2 billion euros ($2.4 billion) in Germany to build its first factory in Europe as the battery maker seeks to benefit from surging electric-car demand in the region.
The plant will have the capacity to make as much as 24 gigawatt-hours of batteries to power between 300,000 and 500,000 electric cars annually, the company spun off by Great Wall Motor Co. said Tuesday in a statement. Production is slated to start at the end of 2023 at the site near Saarlouis, along Germany’s border with France.