SVOLT Energy Technology has reportedly clinched an order from BMW for 90 GWh of batteries at an estimated cost of 55 billion yuan (US$7.4 billion).
SVOLT, stemming from the battery unit of Great Wall Motors, is a key supplier to domestic automakers, including Neta and Leap. Last year SVOLT reported a net loss of 2.2 billion yuan on revenue of 10 billion yuan.
Despite operating in the red, SVOLT remains on a promising trajectory with battery factories in Europe. SVOLT will produce short-blade cells, a type of prismatic cell, for BMW's EV platform.
SVOLT, CATL and EVE Energy are integral to BMW's electrification strategy. However, the other two companies primarily focus on cylindrical batteries.
