China's SVOLT Energy has reportedly pocketed a huge 7GWh lithium-battery order from a European automaker, which will vault its status on the global market.
Although the details of the deal have yet to be published, it is reported that the buyer could be BMW, Audi, PSA, or Benz. If confirmed, the deal will mark a milestone for the Chinese company in foraying into the global market.
Headquartered in Changzhou of Jiangsu Province, the company's capacity will hit 12 GWh by the end of 2020, which is up from its current capacity of 4 GWh. This will make SVOLT one of China's 10 largest lithium-battery suppliers.
The Chinese company is currently very upbeat on the overall outlook of its proprietary cobalt-free battery technology, which can cut the total costs of production by 10-15%. The company's high-speed lamination assembly method currently features a yield rate of more than 97%.
(Collaborative media: TechNews, photo courtesy of SVOLT)