China’s EV battery makers expand production in Europe

Sales of electric vehicles in Europe are growing quickly: One in ten new cars sold in the EU now solely runs on batteries, according to the European Automobile Manufacturers' Association. That presents lucrative business opportunities, particularly since Europe—the birthplace of the automobile—aims to phase out all petrol- and diesel-powered cars by 2035. As a result, Chinese battery firms, eager to dominate the global EV market, are rapidly expanding their production footprint in Europe. Chinese EV and battery firms are targeting the EU market Earlier this month, Svolt Energy Technology, headquartered in the Chinese province of Jiangsu, said it will build…