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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Category: Svolt Plant
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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The plant will have two production lines for assembling battery modules and packs, with construction expected to be completed by the end of 2023.
(Image credit: Svolt Energy)
Svolt Energy, the battery maker that became independent from Great Wall Motor, has started construction of its battery module and pack plant in Thailand, as the Chinese electric vehicle (EV) industry chain targets international markets.
Svolt Energy held a ceremony on July 5 local time to celebrate the start of construction of the plant based in Sriracha Chonburi, according to an announcement yesterday.
The ceremony was attended by Thai officials, Svolt Energy's chairman and CEO Yang Hongxin, and representatives from Hozon Auto, the Chinese EV company that owns the Neta brand.
Svolt Energy's plant is based on the renovation and upgrade of a locally leased facility with a projected capacity of 60,000 packs per year, according to its announcement.
According to current plans, the plant will have two production lines, one for HEV, PHEV and BEV battery module production and the other for battery pack assembly.
Construction of the plant is expected to be completed by the end of 2023, Svolt Energy said.
While working with existing customers including Great Wall Motor and Hozon, Svolt Energy will also develop new customers and has started business talks with local Thai companies, it said.
The company will also join with local Thai partners to expand into energy storage, lightweight power batteries and battery recycling, Svolt Energy said.
Svolt Energy's announcement did not mention the amount of investment, although last month local media Cailian reported that the battery maker was planning to invest $30 million in the plant.
Svolt Energy was originally Great Wall Motor's power cell division, which began research and development of power cells in 2012.
It became independent from Great Wall Motor in February 2018 and works on next-generation battery materials, cells, modules, packs, BMS, and energy storage technologies.
The battery manufacturer currently has 11 production sites in China and one overseas production site in Heusweiler, Saarland, Germany, according to its website.
Svolt Energy is one of the largest battery manufacturers in China, with 0.35 GWh of batteries installed in May, ranking 11th in the country with a 1.23 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).
Svolt Energy's Dragon Armor Battery makes real-life debut at Shanghai auto show
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Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, according to local media.
(Image credit: Svolt Energy)
Svolt Energy, a battery maker that spun off from Great Wall Motor, is said to be planning to build a battery factory in Thailand as manufacturers in China's new energy vehicle industry chain target Southeast Asian markets.
Svolt Energy is planning to invest $30 million to build a battery module pack plant in Thailand, local media Cailian reported today, citing sources familiar with the matter.
Svolt Energy has incorporated a wholly owned subsidiary, Svolt Energy Technology (Thailand) Co Ltd, in Thailand and is currently planning the construction of the new plant, the report said, without providing further details.
Svolt Energy was originally the power battery division of Great Wall Motor, which began research and development of batteries in 2012.
It became independent from Great Wall Motor in February 2018 to work on next-generation battery materials, cells, modules, PACKs, BMS, and energy storage technologies.
The battery maker currently has 11 production sites in China and one overseas production site in Heusweiler, Saarland, Germany, according to its website.
On September 9, 2022, Svolt Energy said it will build a cell factory for the European market in Lauchhammer, Brandenburg, Germany, which will be its second factory overseas.
Svolt Energy plans to produce the cells at its Lauchhammer facility and process them into packs at its Heusweiler facility, the company said at the time.
In 2019, Svolt Energy said it was aiming to build 120 GWh of power battery capacity globally by 2025.
It made several subsequent increases to that target and raised it to 600 GWh in December 2021.
In April, Svolt Energy installed 0.42 GWh of power batteries in China, ranking 8th with a 1.66 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).
CATL and BYD had 10.26 GWh and 7.32 GWh of batteries installed in April, ranking first and second with 40.83 percent and 29.11 percent shares respectively.
Svolt Energy's Dragon Armor Battery makes real-life debut at Shanghai auto show
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