Initial talks with prospective buyers have included CATL, the world’s largest manufacturer of EV batteries.
Great Wall Motor and its affiliates were Svolt’s top clients, accounting for about 57% of its sales in the first half of 2022.
CATL has conducted preliminary due diligence on the asset, though there’s no certainty that the companies will proceed with any deal, the people said. The Chinese carmaker and its affiliates were Svolt’s top client, accounting for about 57% of its sales in the first half of 2022, the prospectus shows. Other major clients include Hozon New Energy Automobile Co, Zhejiang Leapmotor Technologies Ltd and Zhejiang Geely Holding Group Co.
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