SVOLT Secures GAC Group Battery Cell Supply Deal, Deliveries to Start in H1 2027

SVOLT Energy Technology (SHA: 688567) announced that its wholly-owned subsidiary, Guangzhou SVOLT Energy Technology Co., Ltd., recently received a "Nomination Letter for Development" from GAC Group, designating it to develop and supply SPS lithium iron phosphate (LFP) power batteries for GAC. Mass deliveries are expected to commence in the first half of 2027. This nomination marks a new milestone for SVOLT in the field of power batteries for new energy passenger vehicles. However, the company cautioned that uncertainties remain regarding the project's subsequent progress, actual sales, and order acquisition, and that this development will have no material impact on its 2024 operating performance.