Battery vendor Svolt leaves Europe

Svolt, a Chinese manufacturer of power cells for EV battery packs, has abandoned plans to construct two new factories in Germany.

Furthermore, the company will be wrapping up its business in Europe and leaving in January 2025. The official explanation points to a lack of funds for international expansion.

The all-electric Citroen e-C3 is already running on Svolt batteries, and unofficial reports claim that BMW also has a supply agreement with the company. With its departure from the EU market, electric car prices might not go down as many industry players expect.

If the reports are true, then this is BMW’s second fiasco in trying to secure EV battery shipments. Earlier this year, the Bavarian automaker had to sever its contract with Northvolt (Sweden) over alleged “constant breaches of terms”.