The company announced in February that it will supply more than 7 GWh of EV batteries for an undisclosed European manufacturer, and if we believe the latest news, this customer is PSA.
The 7 GWh contract is not particularly big - it's enough for 70,000 100 kWh packs or 140,000 50 kWh packs. Probably over several years.
SVOLT is still a small player in the EV battery business, although with high ambitions to increase its battery manufacturing capacity in Changzhou, Jiangsu, China, from 4 GWh per year to 12 GWh by the end of 2020, and then to 18 GWh annually.
In its primary market - Europe, PSA is willing to build two battery cell gigafactories - one in France and one in Germany, in partnership with Saft (part of Total since 2016).
Both of the plants to be ready for 8 GWh per year with an option for expansion to 24 GWh (total 48 GWh).