Chinese Battery Makers Back Out Of Germany Amidst Cooling EV Demand [zero hedge]
GREAT WALL MOTOR CO ADR (GWLLY)
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Source: zero hedge
Chinese Battery Makers Back Out Of Germany Amidst Cooling EV Demand With each day that goes by there is more and more news indicating the EV market is saturated. First it was manufacturers cutting back on EV investments, then a gradual shift back to hybrid vehicles - and now it's China pulling out of investments in Germany due to lack of demand. Chinese electric vehicle battery producers are scaling back their expansion in Germany due to a drop in EV sales, according to Nikkei Asia . SVOLT Energy Technology, a spin-off from Great Wall Motor, announced the suspension of its planned battery cell plant in Lauchhammer, Brandenburg, attributing the decision to a "new European strategy" and a major order cancellation, reportedly from BMW. Additionally, SVOLT expressed uncertainty about its factory project in Ueberherrn, Saarland, due to ongoing legal challenges. If impeded, SVOLT's only operational facility in Germany will be a plant in Heusweiler, set to open on July 1, which will assemble
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