This article only represents the author's own views.
Watch out world, here comes Svolt. The name may not be familiar to many, but China’s recently minted electric vehicle (EV) battery maker, whose full name is Svolt Energy Technology Co. Ltd., has just announced a major 6 billion yuan ($943 million) in new funding, bringing its total fund-raising this year to nearly 20 billion yuan.
China is already home to the world’s largest EV battery maker, the privately owned Contemporary Amperex Technology Co. Ltd. or CATL (300750.SZ), whose meteoric rise has created one of the nation’s most valuable companies now worth $240 billion. But Svolt has a far more state-run background, indicating Beijing wants its massive complex of state-run entities to have a bigger role in development of its EV sector.