Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chinese battery manufacturer Svolt plans to invest €2bn ($2.37bn) to produce cobalt-free high-nickel electric vehicle (EVs) batteries. 


According to media reports, the investment will enable the company to set up two plants, which will produce high-density cells at a total output of 24GWh, in Saarland, Germany. These cells will be able to power between 300,000-500,000 EVs per year. Svolt plans to commission these plants by mid-2021 along with a module and packaging factory in Germany. 


Svolt, a brand under Chinese manufacturer Great Wall Motors, was the first company to introduce cobalt-free cells which are touted to be more economical and durable than conventional high-nickel batteries. The company plans to reach a global capacity of 100GWh by 2024, with a total investment of €8bn. It plans on employing around 10,000 employees in doing so.


(€1 = $1.18)

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