Svolt said it had to make the decision after the development of the European EV market failed to meet the expectations of all stakeholders.
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That's because Svolt's operations in its home market in China are already struggling, and it can't afford to handle overseas factories that require a lot of capital, according to Caixin.
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Svolt Energy expects its Thailand plant to supply more than 20,000 battery packs to local customers this year.
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The battery pack, which is expected to be available in volume in the first quarter of 2024, will first be fitted to the Good Cat model of Great Wall Motor's Ora brand.
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