AsianFin -- Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) is offloading its 20.6% stake in Finnish subcontractor Valmet Automotive, the Finnish government announced Monday, citing sluggish electric vehicle demand in Europe.
Finland’s state investment arm, Finnish Industry Investment Ltd., which already holds a 44.96% share in Valmet, did not disclose the sale price. The government also confirmed it will inject an additional €35 million ($40.97 million) of fresh capital into the carmaker to support operations.
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