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Chinese Battery Maker Buys Stake in Contract Assembler Valmet
A Chinese battery maker has acquired a 22% stake in Finnish contract vehicle assembler Valmet Automotive to help promote electric-car sales in Europe.
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A Chinese battery maker has acquired a 22% stake in Finnish contract vehicle assembler Valmet Automotive to help promote electric-car sales in Europe.
Contemporary Amperex Technology Ltd. gained the holding through a private share issue. The deal leaves Valmet’s other two shareholders, state-owned Finnish Industry Investment and Finnish private equity and real estate investment firm Pontos Group, with 39% stakes.
CATL says the companies intend to establish themselves in the emerging European EV market by providing electric powertrains and propulsion battery systems to carmakers. The Chinese supplier, which last year tripled its capacity to make lithium-ion batteries for electric vehicles, also intends to establish battery production in Europe.
Valmet has assembled vehicles for such carmakers as Fisker, Mercedes-Benz, Opel, Porsche, Saab and Think.
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