Chinese battery cell maker SVolt is scrapping plans to expand in Europe, including its investment in Saarland, Germany.

Chinese company SVolt is scrapping plans to expand in Europe, including a two billion euro investment in Saarland, Germany. The decision comes as a major setback given the company's ambitious plans to build five factories in Europe. SVolt justified the halt in investment by the volatility of the electric car market in Europe. Stopping the investment has a significant impact on both the German car industry and plans to transition to electric vehicles.